Ford said the new battery will be 15 percent smaller than that of a BYD Atto electric crossover. BYD uses the same lithium iron phosphate (LFP) chemistry that Ford says it will use in its future EVs, starting with a four-door midsized pickup in 2027.

Ford will invest $5 billion, including $2 billion at its Louisville, Kentucky factory on top of $3 billion already announced for its BlueOval battery plant. It will expand the Louisville facility by 52,000 square feet and "create or secure" nearly 4,000 direct jobs, Ford added.

Ford will retool its Louisville Assembly plant beginning later this year to produce vehicles from a new Universal EV Platform starting with a midsize truck for $30,000