Gov. Beshear Joins Ford Motor Co. To Announce Kentucky’s Third-Largest Economic Development Project On Record

a Nearly $2 Billion Commitment To Produce an All-New Electric Vehicle, Secure 2,200 Jobs at Louisville Assembly Plant

LOUISVILLE, Ky. (Aug. 11, 2025) – Kentucky Gov. Andy Beshear joined Ford Motor Co. CEO Jim Farley, other company executives and local officials to announce a monumental investment by one of Kentucky’s largest employers, a nearly $2 billion commitment that will introduce an innovative manufacturing process at the Louisville Assembly Plant (LAP) to serve as the platform for an all-new, yet to be unveiled, electric mid-size pickup truck. The project is the third-largest economic development project in Kentucky’s history, as four of the five largest private-sector investments have now been announced during the Beshear Administration.

“Today, Ford and Team Kentucky are introducing the world to the future of automotive production with nearly $2 billion being invested to transform the Louisville Assembly Plant, which will also secure 2,200 jobs for Kentuckians,” Gov. Beshear said. “This announcement not only represents one of the largest investments on record in our state, it also boosts Kentucky’s position at the center of EV-related innovation and solidifies Louisville Assembly Plant as an important part of Ford’s future. Thank you to Ford’s leaders for their continued faith in Kentucky and our incredible workforce. Ford and Kentucky have been a tremendous team for more than 100 years, and that partnership has never been stronger than it is today.”

Ford’s $1.9 billion investment will include new equipment and technology to upgrade and modernize the Louisville Assembly Plant to support future product development and secure 2,200 existing full-time jobs at the facility. This includes the introduction of a new production platform that represents a major manufacturing breakthrough with an “assembly tree” approach to increase efficiency, ergonomics and affordability. The new low-cost, scalable EV platform is expected to be completed by Q2 2027.

“We are grateful to the Kentucky Economic Development Finance Authority for its support as we build upon Ford’s proud legacy of investment in Kentucky,” said Tony Reinhart, Ford director of state and local government affairs. “We look forward to assembling another signature Ford vehicle in Kentucky to serve customers across the U.S. and beyond.”

Ford’s presence in Kentucky dates back to 1913 when the Model T first rolled off the production line in Louisville. In the 112 years since, the company has grown its presence in the commonwealth to employ nearly 12,000 people in addition to close to 6,000 retirees. Ford partners with 165 Kentucky-based suppliers, purchasing nearly $6 billion in products annually. According to an independent analysis by the Boston Consulting Group, the company supports approximately 120,000 direct and indirect jobs across Kentucky and contributes more than $11.8 billion in state GDP, including over 48,000 jobs in the Louisville region. Over the years, Ford has donated more than $6.7 million to local nonprofits, civic initiatives and educational programs.

“Ford has been part of the fabric of Louisville for more than a century, and this announcement is transformational for our city,” said Louisville Mayor Craig Greenberg. “Ford’s decision to maintain a strong manufacturing presence here reaffirms that Louisville is the best place in America for manufacturing, we have momentum, and we look forward to building on this trusted partnership with Ford for generations to come.”

“Ford’s investment is a transformational win for Louisville and the future of mobility,” said Trevor Pawl, CEO of Louisville Economic Development Alliance. “Their bold vision, supported by the Kentucky Cabinet for Economic Development, puts our city at the forefront of the global transition to more affordable EVs.”

Ford’s latest investment builds on the best five-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling over $39.5 billion in announced investments, creating more than 62,500 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $18 billion more than the next highest total.

The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.

Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.

To encourage investment and job retention in the community, the Kentucky Economic Development Finance Authority (KEDFA) today approved a supplemental project to an existing Kentucky Jobs Retention Act (KJRA) program agreement with the company. The performance-based agreement can provide up to $550 million in cumulative tax incentives based on the company’s total cumulative investment of $5.55 billion-plus across the original and supplemental KJRA projects with an annual job target requirement of up to 12,000 over the term of the agreement.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Ford can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.