“We’re placing the economic system in place to scale rapidly,” Ford Chief Govt Jim Farley stated in an announcement.
In March, Ford boosted its deliberate spending on EVs by way of 2026 to $50 billion from its prior goal of $30 billion, and reorganized its operations into separate models centered on EVs and gasoline-powered autos with Ford Mannequin e and Ford Blue, respectively.
The Dearborn, Michigan-based firm additionally stated on the time that its EV enterprise wouldn’t be worthwhile till the next-generation fashions start manufacturing in 2025.
As a part of its push to spice up capability, Ford stated it’s including lithium iron phosphate (LFP) cell chemistry for EV batteries to its portfolio, alongside nickel cobalt manganese (NCM). Ford stated it has secured all the 60 gigawatt hours (GWh) of cell capability wanted to assist the 600,000 run charge.
The US automaker stated CATL will present full LFP battery packs for the Mustang Mach-E crossovers for North America beginning subsequent 12 months in addition to the F-150 Lightning pickups in early 2024.
The corporate can be working with LG Power Resolution and its long-time battery associate SK Innovation.
Ford stated it has now sourced about 70% of the battery cell capability it wants to realize its annual manufacturing charge of greater than 2 million by late 2026.
To assist the battery cell offers, Ford stated it’s direct sourcing battery cell uncooked supplies as properly, asserting offers to accumulate many of the nickel wanted by way of 2026 and past by way of agreements with Vale SA’s models in Canada and Indonesia, China’s Huayou Cobalt and BHP.
It has additionally locked in lithium contracts by way of agreements with Rio Tinto, exploring a “important” lithium off-take settlement from the mining firm’s Rincon undertaking in Argentina, Ford stated. That’s a part of a multi-metal settlement that leverages Rio Tinto’s aluminum enterprise and features a potential alternative on copper.
Ford introduced different battery materials offers. It signed a letter of intent with EcoPro BM and SK On to ascertain a cathode manufacturing plant in North America, an offtake settlement for ioneer Ltd to produce lithium carbonate from Nevada past 2025, an settlement with Compass Minerals for lithium hydroxide and lithium carbonate from Utah, and an settlement for Syrah Sources and SK On for pure graphite from Louisiana.
The drive to the 600,000 EV run charge by late 2023 consists of 270,000 Mustang Mach-E crossovers, 150,000 F-150 Lightning pickups, 150,000 Transit vans and 30,000 models of a brand new SUV for Europe whose manufacturing will considerably improve in 2024.
(By Ben Klayman; Enhancing by Bernadette Baum)