Ford: Ford is reportedly set to announce a new $3.5 billion battery plant in Marshall, Michigan in partnership with China’s CATL. The battery plant will produce lithium-iron phosphate batteries for Ford’s electric vehicles and generate 2,500 jobs. This project is part of Ford’s efforts to comply with the Biden administration’s IRA to help EVs assembled in North America qualify for a $7,500 tax credit.
Michigan Offers $1B in Incentives to Attract Ford’s Battery Plant
Michigan has offered $1 billion in incentives to attract the automaker, and this facility will complement the $11.4 billion investment Ford has made with SK Innovation in Tennessee and Kentucky. This investment also comes as Ford has sold most of its shares in electric vehicle startup Rivian. The stock has been declining since May 2022, and Ford disclosed a $7.3 billion write-down on its investment in the EV startup last year. The partnership began in 2019, with Ford investing $500 million in the company.
Ford Sells Majority of Shares in EV Startup Rivian Amid Stock Decline
Ford’s announcement of a new battery plant in Michigan will generate new jobs and enable the company to comply with the Biden administration’s Inflation Reduction Act. The company’s focus on EVs also includes its $11.4 billion investment in Tennessee and Kentucky with SK Innovation. Meanwhile, Ford’s partnership with Rivian has come to a close as it sold most of its shares in the struggling EV maker.
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