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Ford’s EV solution: cheaper batteries

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The answer to Ford’s electric vehicle woes: cheaper batteries

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Ford is strengthening its battery supply chain by importing cheaper, iron-based Chinese batteries as it ramps electric car manufacturing.

Iron batteries are cheaper, safer, and more lasting than nickel and cobalt batteries, which have driven up EV pricing.

Sub:
“Carmakers can’t dump gas without batteries.”

Without reliable batteries, automakers can’t ditch fuel. With raw resources scarce and primarily from Asia, the battery race is geopolitical.

Ford said Thursday it has enough batteries to produce 600,000 EVs yearly by 2023, up from 27,140 last year.

The corporation is investing $50 billion to expand its EV portfolio and has 70% of the batteries it needs to create 2 million EVs yearly by 2026.

Ford announced supplier relationships and collaborations, including commitments to acquire raw materials directly from mining firms.

Ford plans to reach its EV goals by adding lithium iron phosphate (LFP) to its range, alongside nickel cobalt manganese (NCM).

It will import LFP battery packs from China’s Contemporary Amperex Technology Co., Ltd next year.

Ford aims to establish a 40-GWh LFP cell facility in North America by 2026. (That’s in addition to three Tennessee and Kentucky battery factories.)

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