Ford Motor is investing $3.5 billion in a Michigan factory that will make electric vehicle batteries using technology licensed from a major Chinese supplier.
The plant, which is expected to create 2,500 high-paying jobs, is part of a burgeoning U.S. supply chain for electric vehicles — but it comes amidThe plant in Marshall, a rural town about 100 miles west of Detroit, will make battery cells using technology from Contemporary Amperex Technology Limited , the world’s largest producer of EV batteries.
The so-called LFP batteries are less expensive because they don't include expensive minerals like cobalt and nickel. That will help bring down the cost of electric cars. LFP batteries are also more durable, but they provide a shorter driving range, creating a tradeoff for consumers.Virginia Gov. Glenn Youngkin, a Republican, last month withdrew his state's bid for Ford’s venture with CATL,Because Ford will own 100% of the factory, it hopes to take advantage of lucrative tax credits offered by the Biden Administration under the Inflation Reduction Act.
Michigan Gov. Gretchen Whitmer, a Democrat, applauded the "generational investment by an American icon [that] will uplift local families, small businesses, and the entire community and help our state continue leading the future of mobility and electrification."
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