Ford to Invest $3.5 Billion in EV Battery Plant with Chinese Partner in US

Ford Motor Company is making big moves in the electric vehicle (EV) industry. The company announced plans to build a $3.5 billion EV battery plant in partnership with Chinese company Contemporary Amperex Technology Limited (CATL).

The plant will be located in Michigan and will be supported by a $1 billion incentive package from the state. The new facility will produce lithium-ion batteries for Ford’s upcoming EV lineup.

Ford is also expected to announce a new lithium-iron-phosphate (LFP) battery factory with CATL in the US. The LFP batteries are said to be more cost-effective and longer-lasting than their lithium-ion counterparts.

The new plant will create over 2,000 jobs and is expected to be completed by 2023. Ford hopes that the new facility will help them to meet the growing demand for electric vehicles.

Ford is also touting the environmental benefits of the new plant. The company claims that the new facility will reduce emissions by an estimated 3.8 million tons over the next decade.

This announcement is part of Ford’s larger plan to become a leader in the EV market. The company plans to invest over $22 billion in electric vehicles by 2025.

This is a major step forward for Ford, as well as the EV industry as a whole. The new plant is expected to help the company meet the rising demand for electric vehicles, while also reducing emissions.