Ford Motor’s new plant being constructed exterior Memphis, Tennessee, will likely be able to constructing 500,000 electrical automobiles yearly at full manufacturing, the corporate mentioned Friday.

The primary and solely product to be introduced so far for the “BlueOval Metropolis” plant is a next-generation electrical truck, which Ford has codenamed “T3,” brief for “TrustTheTruck.”

“Mission T3 is a as soon as in-a-lifetime alternative to revolutionize America’s truck,” Ford CEO Jim Farley mentioned Friday in a launch. “Will probably be a platform for limitless innovation and functionality.”

Further merchandise utilizing the corporate’s next-generation EV structure could possibly be produced alongside the truck, nonetheless an organization spokesman declined to touch upon future product plans for the plant.

Ford and South Korea-based battery provider SK On are investing $5.6 billion within the BlueOval Metropolis campus, together with a big battery-cell plant. Manufacturing on the vegetation is on monitor to start manufacturing in 2025, Ford mentioned Friday.

BlueOval Metropolis is a key a part of Ford’s plans to be able to producing 2 million EVs in 2026, which can also be the goal for the corporate’s Mannequin e EV enterprise to attain an 8% EBIT revenue margin.

Ford on Thursday for the primary time detailed its funds for enterprise models together with EVs, which misplaced $2.1 billion final 12 months and are anticipated to lose as a lot as $3 billion in 2023.