Ford announced a $19.5 billion loss tied to its EV business, leading to layoffs at a Kentucky plant. The company will repurpose the plant for battery energy storage systems, investing $2 billion. Ford plans to have the plant operating in 18 months, focusing on utility and data center AI training.

After the elimination of the federal $7,500 EV credit, U.S. EV sales plummeted over 41% in November. Despite this, there is a growing demand for energy solutions, especially for AI data centers. Data centers currently consume 4.4% of total U.S. electricity, a number expected to grow to 6.7%-12% by 2028.

Ford’s decision to invest in battery storage reflects a potential growth in the energy sector. Data centers and utility companies are expected to require more battery storage systems. Energy solutions like batteries can help manage power grid demands and offset power outages.

As energy consumption rises, companies like Ford are shifting focus to battery storage systems. Ford joins LG and Tesla in transitioning to stationary storage batteries as the EV market cools and energy demand grows. Battery installations are projected to grow significantly in the coming years.

Data centers and cryptocurrency mining growth could increase electricity bills by 8% nationwide by 2030. In high-demand markets like Virginia, costs could surge by over 25%. Battery storage systems can help manage increased demand on power grids and offset power outages, playing a critical role in the future of energy consumption.

Read more at Yahoo Finance: Ford makes way for $2B venture by laying off 1,600 Kentucky plant workers. Could this move soon impact utility bills?