Ford Motor Company is making big moves in the electric vehicle industry by investing $24 billion in a new battery plant in the United States. The automaker plans to collaborate with China's Ningde Times to develop new battery technology for its electric vehicles.
According to reports by Fast Technology, the battery plant in Michigan will produce lithium iron phosphate batteries, which are cheaper and more durable than other types of batteries used in electric vehicles. The partnership with Ningde Times, one of the world's leading battery manufacturers, will give Ford access to cutting-edge technology and help the automaker stay competitive in the rapidly evolving electric vehicle market.
Ford's investment in the battery plant is a significant move toward the company's goal of becoming a leader in electric vehicles. The company plans to launch several new electric models in the coming years, including the F-150 Lightning pickup truck and the Mustang Mach-E SUV. By investing in battery technology, Ford hopes to improve the performance and affordability of its electric vehicles.
"We're really focused on delivering the most compelling electric vehicles," said Hau Thai-Tang, Ford's chief product platform and operations officer. "We believe that the key to that is having the best technology available."
The collaboration with Ningde Times is a key part of Ford's strategy. The Chinese battery maker is known for its advanced battery technology, which has helped it become a major player in the electric vehicle market. By working together, Ford and Ningde Times hope to create new battery technology that will improve the performance and affordability of electric vehicles.
"The partnership with Ford is an important step for us to expand our global reach," said Zeng Yuqun, chairman of Ningde Times. "We're excited to work with Ford to develop new battery technology that will help bring more electric vehicles to the market."
The new battery plant is expected to create thousands of jobs in Michigan, where the auto industry has long been a major employer. The plant is part of Ford's commitment to invest $22 billion in electric vehicles by 2025.
The investment in battery technology is a significant move for Ford, as the company seeks to compete with other major automakers in the electric vehicle market. With more consumers turning to electric vehicles, automakers are racing to develop new technology that will improve the performance and affordability of these vehicles.
"We're really excited about the future of electric vehicles," said Thai-Tang. "We believe that we can make them better, faster, and more affordable, and that's what we're focused on."
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