GOP Lawmakers Urge Biden Administration To Probe Into Chinese Firms Tied To Ford's Battery Plant
Portfolio Pulse from Benzinga Neuro
U.S. House committees have requested the Biden administration to investigate four unnamed Chinese companies linked to Ford Motor's (NYSE:F) upcoming Michigan battery plant. Concerns involve ties to the Chinese military, the Chinese Communist Party, North Korea, and human rights issues in Xinjiang. The plant, announced in partnership with Chinese battery maker CATL, aims to strengthen Ford's position in the electric vehicle market despite recent challenges, including a UAW strike.
January 30, 2024 | 7:37 am
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Ford Motor Company is under scrutiny due to its partnership with CATL for a Michigan battery plant, with lawmakers raising security and human rights concerns.
The investigation into Ford's Chinese partners could lead to negative sentiment among investors, potentially affecting Ford's reputation and stock price. The focus on security and human rights issues may raise concerns about the stability of Ford's supply chain for its EV ambitions, which could result in short-term negative impact on the stock.
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