Ford to invest in electric vehicle production, create 11,000 jobs

Ford Motor on Monday announced to invest USD billions of dollars in Electric vehicle production in the United States.

It announced to build three battery factories and one electric truck plant in the US, which would produce 11,000 jobs in the coming four years, reported New York Times.

The announcement made by the auto company is a multi-dollar move to jump to electric vehicles and discontinue gasoline-powered cars and trucks, as an initiative to support the global effort to fight climate change.

Ford and a South Korean supplier will spend $11.4 billion on the project, reported New York Times.

"I think the industry is on a fast road to electrification and those who aren't, are going to be left behind," said Ford's executive chairman, William C. Ford Jr. during an interview, New York Times reported.

The auto company is in the race to catch up with the electric car company Tesla, which is set to sell more than 8,00,000 electric cars this year. Tesla has a market capitalization of about USD 800 billion, whereas Ford's market value stands at USD 56 billion.

Also, many auto companies including Volkswagen, Mercedes-Benz, BMW, Hyundai are investing billions of dollars to produce electric vehicles.