Ford to Partner with Chinese Company on $3.5B EV Battery Plant

Ford Motor Company ($F@US) announced Monday that it would partner with Contemporary Amperex Technology Co., or CATL, on a $3.5 billion battery plant for electric vehicles in Michigan. The U.S. automaker will own the new facility through a wholly owned subsidiary rather than operating it as a joint venture with CATL. Ford will license the technology from CATL, including technical expertise. The announcement came after Virginia Gov. Glenn Youngkin said he was withdrawing the state from a competitive process to attract the planned Ford plant over its connection to the Chinese company. Representatives of Ford commented that lithium iron phosphate technology already exists in many consumer electronic devices but is imported from China, and manufacturing the batteries in America will expedite the production of EVs. The plant is expected to open in 2026 and employ about 2,500 workers.