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Ford Accelerates EV Push With a Series of Business Deals

Ford Motor Co on Thursday announced a series of deals to accelerate its shift to electric vehicles, including sourcing battery capacity and raw materials from such companies as Chinese battery maker CATL and Australian mining giant Rio Tinto.

The deals are part of Ford’s push to have its annual EV production rate globally reach 600,000 vehicles by late 2023 and more than 2 million by the end of 2026. Ford said it expects a compound annual growth rate for EVs to top 90% through 2026, more than doubling the forecast industry growth rate.

“We are putting the industrial system in place to scale quickly,” Ford Chief Executive Jim Farley said in a statement.

Read the source article at Yahoo Finance

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