Ford secures supply of battery minerals from ASX-listed resource companies
Ford plans to build 2 million EVs per year by the end of 2026 and is actively sourcing raw materials from miners and battery capacity from manufacturers. Ford Motor Company announced this week it would push through a number of deals to accelerate electric vehicle (EV) manufacturing to meet global demand. The American multinational automaker is sourcing battery capacity and raw materials to enable it to build 600,000 EVs by the end of 2023, with the annual global EV operating rate expected to increase to more than 2 million by the end of 2026. As part of this, battery maker China Contemporary Amperex Technology Co., Ltd (CATL) has agreed to provide Ford with a full lithium-iron-phosphate (LFP) battery pack for the Mustang Mach-E model for North America next year, and a battery pack the same for the F-150 Lightnings model in early 2024. The company has now supplied about 70% of the battery cell capacity needed to support its annual operating rate by the end of 2026. In reaching 600,000 E...