Ford Motor significantly increased its commitment to electric cars and trucks on Monday by announcing that it would spend billions of dollars to build three battery factories and an electric truck plant in the United States, creating 11,000 jobs over the next four years.
The company described the investment, which it said would enable it to produce more than one million electric vehicles a year in the second half of this decade, as the single largest in its 118-year history. All told, Ford and a South Korean supplier will spend $11.4 billion on the project…
Established automakers like Ford and General Motors are racing to catch up to Tesla, which is on track to sell more than 800,000 electric cars this year. Tesla has become the most valuable automaker in the world by far, with a market capitalization of nearly $800 billion. Ford’s market value is $56 billion.