(CNN)Ford Motor Co. and South Korea-based energy company SK Innovations are investing $11.4 billion to build two new enormous manufacturing campuses for electric vehicles, creating more than 10,000 new jobs and representing Ford’s largest-ever single manufacturing investment in the company’s 118-year history.
Ford’s share of the investment will be $7 billion, Ford executives said. Ford previously announced it will spend $30 billion by 2025 on its shift to building more electric vehicles and that it expects 40% of its sales, worldwide, to be fully electric vehicles by 2030.
Ford chief executive Jim Farley called on the federal government to do more to support a transition to electric vehicles in an interview with CNN International. Long-term success for the company will require infrastructure and supply chain investments, along with subsidies for people to buy electric cars. Without all that, the American economy stands to get left behind by the rest of the world, Farley said.
“Essentially, we need support to help customers make this transition financially,” he said in an interview with CNN International. “These are expensive vehicles. We seen in Europe, Germany, the Netherlands, Norway and China, the governments where they put the foot on the economics for the customers switch to these vehicles. We need that support.”
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