Ford Motor Firm F is investing $3.5 billion to construct the US’ first lithium iron phosphate battery plant.
What Occurred: The plant, a wholly-owned subsidiary of Ford, will likely be inbuilt Marshall, Michigan, as a part of the corporate’s $50 billion “world push” to change into an electrical automobile frontrunner, the auto big mentioned.
Ford mentioned it has reached a brand new take care of Modern Amperex Expertise Co., Restricted below which its subsidiary will manufacture the battery cells with information and companies supplied by the main Chinese language battery maker.
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Why It Issues: Ford mentioned LFP batteries are “exceptionally sturdy” and made utilizing fewer higher-demand and high-cost supplies.
The automaker added that these batteries will assist energy its next-generation of passenger automobiles and pickups.
Tesla Inc TSLA provider CATL provides two-fifths of the worldwide EV battery market and made its dominant place stronger in direction of the tip of 2022.
The corporate’s EV battery market share rose 40.9% in November 2022 from 36.9% in an identical interval a yr in the past, information from SNE Analysis confirmed.
Worth Motion: On Monday, Ford shares closed 2.8% greater at $13.09 and fell 0.3% within the after-hours buying and selling, in line with Benzinga Professional information.
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