DETROIT, Michigan: Ford Motor Co. has announced that it will invest $700 million in its Kentucky plant, which will assemble its new 2023 model year F-Series Super Duty truck, creating 500 new jobs.
Ford currently employs more than 12,000 workers in Kentucky.
In September 2021, Ford, the second leading American automaker, and its battery partner, South Korea's SK Innovation, said they would invest $11.4 billion, $5.8 billion in Kentucky, and $5.6 billion in Tennessee, to build an electric F-150 assembly plant and three battery plants in the U.S., creating some 5,000 jobs in Kentucky alone.
This week, the Kentucky Economic Development Finance Authority approved a supplemental project to an existing agreement with Ford, which will provide $430 million in cumulative tax incentives.
If it meets its annual targets, Ford can keep some of the new tax revenue it generates by claiming eligible incentives against its income tax liability and/or wage assessments, according to observers.
Ford said in 2021 that its F-Series trucks had generated nearly $40 billion in revenue, nearly one-third of its global automotive revenue for the year.
Ford F-Series U.S. truck sales were down 11 percent to 420,969 in August, reaching one-third of total sales. The company also sold 6,842 electric F-150 Lightning trucks, out of its total F-Series sales.