Ford Suspends Construction At $3.5B EV Battery Plant Amid GOP Scrutiny Over China Ties
Portfolio Pulse from Benzinga Neuro
Ford Motor Company has suspended construction of its $3.5 billion electric vehicle (EV) battery plant in Michigan due to criticism over its plans to use licensed Chinese battery technology. The pause coincides with a United Auto Workers strike against Ford and other automakers. The plant, initially announced in February, was planned to be operational by 2026, employing 2,500 workers and marking Ford as the first automaker to manufacture next-generation lithium, iron, and phosphate batteries in the U.S.
September 26, 2023 | 4:17 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Ford's decision to suspend construction of its EV battery plant could delay its plans to manufacture next-generation batteries in the U.S. The ongoing United Auto Workers strike could also increase labor costs for the company.
The suspension of the EV battery plant construction could delay Ford's plans to manufacture next-generation batteries in the U.S., potentially impacting its competitive position in the EV market. Additionally, the ongoing United Auto Workers strike could lead to increased labor costs for the company, negatively affecting its financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100