Ford Bets $700 Million On Its All-Electric F-150 Pickup Truck

Ford (F) has beefed up its commitment to the F-150 and is doubling down on the electric version of the pickup truck with a $700 million investment in its Rouge manufacturing complex in Dearborn, Michigan.

As part of the investment, Ford is building a new Rouge Electric Vehicle Center, where the all-electric F-150 pickup truck will be built in mid-2022. The facility will add 300 jobs and also be home to production of the Ford’s F-150 PowerBoost hybrid truck.

Over the next three years, Ford will invest more than $1.45 billion into the state of Michigan while adding about 3,000 new jobs. The company previously announced that it was making investments in its Michigan Assembly Plant in Wayne to produce the Bronco 4x4 SUV and Ranger pickup truck.

Until it previews, Ford said the electrified F-150 has been undergoing “torture testing” and will be more powerful that its traditional F-150 truck thanks to its dual electric motors. Ford had previously teased the all-electric truck pulling a series of train cars to show its towing capabilities.

Ford said the all-electric F-150 will feature more horsepower, more torque, and faster acceleration that any F-150 it has available today. In addition, a front trunk will allow for cargo carrying while an over-the-air update feature will keep the truck current.

“We are proud to once again build and innovate for the future here at the Rouge with the debut of our all-new F-150 and the construction of a modern new manufacturing center to build the first-ever all-electric F-150,” Bill Ford, executive chairman at Ford, said in a statement. “This year’s COVID-19 crisis made it clear why it is so important for companies like Ford to help keep our U.S. manufacturing base strong and help our country get back to work.”

Shares of Ford were trading at $7.24 as of 10:54 a.m. EDT, up 22 cents or 3.06%.