Ford to Build a $3.5 Billion Battery Plant with Technology from Chinese Partner

Ford Motor Co. F, +2.83% is investing $3.5 billion to build a battery plant in Michigan with help from China’s Contemporary Amperex Technology Co. Ltd. 300750, -1.95%, a win for the auto maker’s home state, which has seen many recent automotive projects head elsewhere.

The facility, which will be built in Marshall, Mich., about 100 miles west of Detroit, is expected to create about 2,500 jobs, Ford said Monday. The automaker said a wholly-owned subsidiary would manufacture the battery cells using technology and expertise provided by CATL, the world’s largest maker of batteries for electric vehicles.

Ford is seeking to boost its domestic EV-making supply chain to help it produce 2 million electric vehicles a year globally by the end of 2026. The company has secured about 70% of the battery capacity needed to reach its 2026 goal, it has said.

Read the source article at marketwatch.com