Ford: Ford is reportedly set to announce a brand 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 electrical autos and generate 2,500 jobs. This undertaking is a part of Ford’s efforts to adjust to the Biden administration’s IRA to assist EVs assembled in North America qualify for a $7,500 tax credit score.
Michigan Offers $1B in Incentives to Attract Ford’s Battery Plant
Michigan has provided $1 billion in incentives to draw the automaker, and this facility will complement the $11.4 billion funding Ford has made with SK Innovation in Tennessee and Kentucky. This funding additionally comes as Ford has offered most of its shares in electrical car startup Rivian. The inventory has been declining since May 2022, and Ford disclosed a $7.3 billion write-down on its funding within the EV startup final yr. The partnership started in 2019, with Ford investing $500 million within the firm.
Must Read: Uttar Pradesh: DUPSA intensifies efforts to advertise Monument Mitra heritage scheme forward of main occasions
Ford Sells Majority of Shares in EV Startup Rivian Amid Stock Decline
Ford’s announcement of a brand new battery plant in Michigan will generate new jobs and allow the corporate to adjust to the Biden administration’s Inflation Reduction Act. The firm’s concentrate on EVs additionally consists of its $11.4 billion funding in Tennessee and Kentucky with SK Innovation. Meanwhile, Ford’s partnership with Rivian has come to an in depth because it offered most of its shares within the struggling EV maker.
Must Read: INDW vs PAKW: India Women’s Cricket Team’s Revenge Win Against Pakistan in T20 World Cup 2023, Kohli and Tendulkar Laud Unbeaten Scores
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and comply with us on FACEBOOK, INSTAGRAM, and TWITTER.
Source: www.dnpindia.in”