Ford Motor Co. is expanding in Louisville

Ford Motor Co. has announced to expand their presence in Louisville with an investment of $700 million. In addition, the expansion project is likely to create 500 new full-time jobs. They will utilize this investment to produce the all-new Ford F-Series Super Duty truck. Significantly, Ford Motor Co. is operating in the commonwealth for more than a century.

Gov. Beshear’s announcement

Previously, Ford Motor Co. and their battery partner SK Innovation announced to invest $11.4 billion to build an electric vehicle plant and three battery plants in United States. Importantly, $5.8 billion of this investment was for Kentucky along with addition of 5,000 new jobs. Kentucky’s Governor Beshear announced Ford’s plans regarding this $700 million investment. “The partnership between Kentucky and Ford goes back more than a century and is only becoming stronger. Today’s announcement is one of the largest investments ever in Jefferson County and will create hundreds of great jobs, including building the 2023 Ford F-Series Super Duty truck. Together with last year’s record-shattering electric vehicle battery plant announcement, Ford is building its future here in the commonwealth. We couldn’t be more proud and look forward to many more decades of success for this iconic American company here in Kentucky.” Gov. Beshear said in a statement.

500 full-time jobs

Ford is currently employing more than 12,000 people in Kentucky. In addition, the auto manufacturing giant also supports nearly 120,000 direct and indirect jobs in the state. Moreover, the expansion project in Louisville will add 500 full-time jobs in the area. “This investment recognizes that UAW members bring quality, skills and experience to their jobs every day and that Ford counts on them to build their future business. Our members put Kentucky on the map when it comes to auto manufacturing, and that imprint will only grow larger.” Chuck Browning, UAW vice president and director of the Ford department said in his statement.

KEDFA’s $430 million tax incentives

The Kentucky Economic Development Finance Authority (KEDFA) approved a supplemental project to an existing agreement with Ford. Hence, this may provide up to $430 million in tax incentives based on the company’s total cumulative investment of $3.65 billion. However, the company has to meet the jobs target of 12,500 over the agreement period.

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