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Ford Motor Co. will take $19.5 billion in charges tied to a sweeping overhaul of its electric vehicle business after struggling for years to make it profitable.

A new Ford-SK factory in Kentucky, known as BlueOvalSK, has emerged as the frontrunner to build the batteries for Nissan, though a final decision hasn’t been made, one of the people said.

Ford Motor Co. has secured enough battery supply to build more than half a million electric vehicles annually by late next year, a quantum leap above the 27,140 battery-powered cars it sold in the U.S. last year.

Ford Motor Co. overcame a critical parts shortage and managed to post a surprise profit in the second quarter, thanks to surging prices on models that have become harder to find on dealer lots.