Ford Announces $890M Investment In Canada Cathode Plant With SK On And EcoProBM
Portfolio Pulse from Benzinga Neuro
Ford Motor (NYSE:F) is investing $890 million in a cathode manufacturing facility in Québec, Canada, in collaboration with South Korean battery suppliers SK On and EcoProBM. The facility, set to start production in 2026, will supply materials for Ford's electric vehicle batteries and is expected to create 345 new jobs. The partnership aims to strengthen Ford's EV supply chain in North America.
August 23, 2023 | 8:42 am
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Ford's investment in a cathode manufacturing facility in collaboration with SK On and EcoProBM is a strategic move to strengthen its EV supply chain. This could potentially make its EVs eligible for tax incentives.
The investment in the cathode manufacturing facility is a strategic move by Ford to strengthen its supply chain for electric vehicles. This could potentially make its EVs eligible for tax incentives, which would make them more attractive to consumers and could boost sales. The creation of new jobs and the collaboration with South Korean battery suppliers also indicate a long-term commitment to the EV market.
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