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• Ford today received revised incentive offers consistent with previously announced changes to BlueOval Battery Park Michigan and other jobs and investments in Michigan 

• The modifications reflect Ford’s flexibility to meet customer demand in line with its Ford+ plan, which includes developing a profitable electric vehicle business 
• Construction of the 1.8-million-square-foot BlueOval Battery Park Michigan facility is more than 20% complete 
• Ford’s contributions to the communities surrounding BlueOval Battery Park Michigan now approach $450,000, addressing community needs 

MARSHALL, Mich., July 9, 2024 – BlueOval Battery Park Michigan remains on track to begin production of lithium iron phosphate (LFP) batteries in 2026 for Ford’s future electric vehicles. 

Ford today received a revised incentive offer from the Michigan Economic Development Corporation’s Michigan Strategic Fund for BlueOval Battery Park Michigan in Marshall, Michigan, to match the reduced scope of the project announced last November. 

The agency also revised its incentive offer for another job-creation and investment initiative spanning several Ford facilities in Michigan. The company announced this project in June 2022 and later revised its plans with a new third crew at Michigan Assembly Plant, including some employees from the Rouge Electric Vehicle Center.  

When complete, the two projects will have created or retained upwards of 5,000 Ford jobs in Michigan. Several thousand of those jobs have already been added or retained since 2022, bringing Ford’s total to more than 44,000 employees in the state.

“We are grateful to the Michigan Strategic Fund board and the Michigan Economic Development Corporation for their support as we build upon Ford’s strong history of job creation and investment in Michigan,” said Tony Reinhart, the company’s director of state and local government affairs. “We are nimbly adjusting our manufacturing operations to match evolving customer demand and the Michigan Strategic Fund board is revising its incentive offers accordingly.” 

BlueOval Battery Michigan expects to benefit from the advanced manufacturing production tax credit under the U.S. Inflation Reduction Act.

Ford anticipates that BlueOval Battery Park Michigan will create more than 1,700 jobs. The plant’s leadership team is forming now, headed by Scott Davis, CEO of BlueOval Battery Michigan LLC, a wholly owned Ford subsidiary. Davis is a 17-year resident of Marshall.

BlueOval Battery Park Michigan plans an annual LFP battery production capacity of approximately 20 gigawatt hours, with production starting in 2026. The batteries built at the facility will power Ford’s future electric vehicles. 

“BlueOval Battery Park Michigan will play an important role in our plan to help make electric vehicles more accessible and affordable by producing low-cost LFP batteries in the U.S. and not relying on imports,” said Lisa Drake, Ford’s vice president of electric vehicle programs and energy supply chain. “We continue to make great progress establishing America’s first automaker-backed LFP battery plant right here in Michigan.”

Environmental protection a priority as construction advances

Construction of BlueOval Battery Park Michigan is approximately 20% complete. The main facility will be nearly 1.8 million square feet, comprising a cell plant and a pack plant. Additional support buildings will take the total operation to approximately 2 million square feet. 

BlueOval Battery Park Michigan will span 500 acres, with another 230 acres originally set aside for Ford now available to the Marshall Area Economic Development Authority for future commercial activity. 

Ford ensured that another 245 acres of the site along the Kalamazoo River would be placed in a conservation easement to be protected against industrial development and preserved for generations. Ford Philanthropy donated $100,000 to Calhoun County to develop a plan for the community to best utilize this land along the river.

Ford’s aspiration is to protect the environment and local community, including the Kalamazoo River. To help minimize and avoid stormwater runoff, the Marshall Area Economic Development Authority is installing a stormwater management system to serve the entire campus.  

Chemical storage structures will have safety features that go beyond what is needed, such as emergency secondary and back-up containment systems. 

The plant will use air abatement equipment, which is advanced technology designed to reduce air emissions, protect air quality, remove potential odors and comply with high standards set by the U.S. Environmental Protection Agency and the state of Michigan. 

Ford supports community landmarks and tree planting

Ford’s contributions to the communities surrounding BlueOval Battery Park Michigan are now approaching $450,000. 

More than 1,300 Calhoun County residents responded to a recent Ford survey and identified the Brooks Memorial Fountain in downtown Marshall, the Binder Park Zoo in Battle Creek, and the Bohm Theatre in Albion as the region’s most important community assets, guiding $200,000 in Ford donations to those landmarks this spring. 

“We know this community is excited about the economic opportunity that BlueOval Battery Park Michigan will bring, and we understand and share residents’ passion for Calhoun County’s historic charm,” said Gabby Bruno, Ford’s community relations director. “Ford is committed to being a great neighbor, and that means we will continue learning and supporting the causes most valued by the community.”

Significant recent Ford investments in and around the Marshall community include:

• $50,000 to the Calhoun County Fairgrounds to support various community events including sponsorship of the 175th annual Calhoun County Fair next month
• $35,500 to the Wilder Creek Conservation Club for a riding mower
• $25,000 to the city of Marshall for tree planting to help the municipality regain its status as a Tree City USA
• $22,000 for a new marquee at the Franke Center for the Arts in Marshall

• $10,000 to fund an upcoming Marshall Bucks matching program which supports local small businesses  ### Cautionary Note on Forward-Looking StatementsStatements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
• Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to acquire key components or raw materials, such as lithium, cobalt, nickel, graphite, and manganese, can disrupt Ford’s production of vehicles;
• To facilitate access to the raw materials and other components necessary for the production of electric vehicles, Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast; 
• Ford’s long-term competitiveness depends on the successful execution of Ford+;
• Ford’s vehicles could be affected by defects that result in recall campaigns, increased warranty costs, or delays in new model launches, and the time it takes to improve the quality of our vehicles and services could continue to have an adverse effect on our business; 
• Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, or business strategies;
• Ford may not realize the anticipated benefits of restructuring actions and such actions may cause Ford to incur significant charges, disrupt our operations, or harm our reputation; 
• Operational information systems, security systems, vehicles, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford and Ford Credit as well as their suppliers and dealers;
• Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to consumers could be disrupted by labor issues, public health issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors; 
• Failure to develop and deploy secure digital services that appeal to customers could have a negative impact on Ford’s business;
• Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints; 
• Ford’s ability to attract, develop, grow, and reward talent is critical to its success and competitiveness;
• Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and its reputation may be harmed if it is unable to achieve the initiatives it has announced; 
• Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;
• With a global footprint and supply chain, Ford’s results and operations could be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events; 
• Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event;
• Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors, particularly for electric vehicles; 
• Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results;
• Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; 
• The impact of government incentives on Ford’s business could be significant, and Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;
• Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; 
• Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;
• Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition; 
• Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise;
• Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations; 
• Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, data protection, and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and
• Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized.  It is to be expected that there may be differences between projected and actual results.  Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise.  For additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams.  The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty.  Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services.  The company does that through three customer-centered business segments:  Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs.  Additionally, Ford provides financial services through Ford Motor Credit Company.  Ford employs about 176,000 people worldwide.  More information about the company and its products and services is available at corporate.ford.com.