Ford Motor Company of the United States officially announced on the 13th that it would build an iron phosphate battery plant in Michigan with CALT of China.
Last year, Ford signed a contract with South Korea’s SK On to build three triionic battery factories as a “joint venture,” showing a gap.
"Manufacturing in the United States will bring us closer to battery independence," said Ford chairman Bill Ford, announcing the $500 million investment at an event in Romulus, Michigan, of China's decision to manufacture LFP batteries.
Commenting on the event, Reuters said, “making batteries in the U.S. bets on driving acceptance of the low-cost technology pioneered by our Chinese partner CATL.” It will receive a substantial U.S. battery manufacturing subsidy that will help meet its profit target.”
Ford shares ended up 2.8% on the US stock market that day.
The battery plant, which SK On of Korea invests in the US and builds as a joint venture, is a triionic battery facility that is more expensive than iron phosphate.
Prior to the event, Ford vice president Lisa Drake, who is responsible for Ford's BlueOval Battery Park Michigan project, told Reuters, "It's on the road to 8% economic profit performance." "Ford's decision to build its second battery plant and deploy 2,500 jobs in Michigan is incredibly important."
Ford and the union said, “If the majority of workers sign the card, the factory has agreed to recognize the UAW (United Auto Workers).”
Drake told Reuters that the Marshall, Michigan plant is expected to release batteries with enough capacity for 35,400 electric vehicles (EVs) per year, with production starting in 2026 and room for expansion.
Another Ford official told Reuters that China's CATL will license technology to Ford to produce lithium iron phosphate batteries in Michigan and provide technical support to US automakers.
Ford has announced its goal of producing 600,000 electric vehicles (EVs) by the end of 2023.
“Automakers and EV battery producers are racing to start manufacturing in the U.S. to take advantage of federal subsidies that will generate up to $45 per kilowatt-hour (kWh) to offset production costs,” Reuters said. The Inflation Reduction Act (IRA) could actually make many EVs ineligible by linking consumer subsidies to income, vehicle price, and local content restrictions, as subsidies for EVs could be more favorable to automakers and battery makers than Washington's consumer subsidies for EV purchases. there is,” he said.
On the 9th, the U.S. Department of Energy announced a $200 million loan to Redwood Materials, a Nevada-based producer of anode materials for electric vehicle batteries.
Redwood Company is a battery supplier with Panasonic, Ford Motor Company, Toyota, Volkswagen, and Volvo. It is a producer of cathode and anode materials, which are important components of batteries, and has been extracting expensive metals used for anodes and cathodes produced in China. Received federal funding for a battery renewal business plan.
The lithium iron phosphate (LFP)-based battery that Ford is trying with CATL in China is much cheaper than SK On's triionic battery, so it seems inevitable that Ford will hit SK On with CATL and mass production.
<Ford Motor Company and China CATL $3.5 billion battery factory SK On 'blow', see February 11, 2023>
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