© Reuters. Ford (F) announces $3.5B investment to build New LFP Battery Plant in Michigan
By Michael Elkins
Ford Motor Company (NYSE:) announced today that the American automaker is investing $3.5 billion to build the country’s first automaker-backed LFP battery plant in Michigan, offering customers a second battery technology within Ford’s EV lineup.
The BlueOval Battery Park Michigan plant, as it’s being called, will initially employ 2,500 people when production of LFP batteries begins in 2026. Ford also has the option to further grow its battery capacity at its Marshall, Michigan, plant, which will be part of a wholly owned Ford subsidiary.
“We are committed to leading the electric vehicle revolution in America, and that means investing in the technology and jobs that will keep us on the cutting edge of this global transformation in our industry,” said Bill Ford, Ford executive chair. “I am also proud that we chose our home state of Michigan for this critical battery production hub.”
Offering LFP as a second battery chemistry allows Ford customers to choose an electric vehicle with unique battery performance characteristics most aligned with their needs. LFP batteries are very durable and tolerate more frequent and faster charging while using fewer high-demand, high-cost materials. This lower-cost battery, at scale, will help Ford contain or even further reduce EV prices for customers.
“Ford’s electric vehicle lineup has generated huge demand. To get as many Ford EVs to customers as possible, we’re the first automaker to commit to build both NCM and LFP batteries in the United States,” said Jim Farley, Ford president and CEO. “We’re delivering on our commitments as we scale LFP and NCM batteries and thousands, and soon millions, of customers will begin to reap the benefits of Ford EVs with cutting-edge, durable battery technologies that are growing more affordable over time.”
Ford and its battery tech collaborators have announced $17.6B in investments in electric vehicle and battery production in the United States since 2019, as part of the company’s commitment to invest over $50B in electric vehicles globally through 2026. In the next three years, these investments will lead to more than 18,000 direct jobs in Michigan, Kentucky, Tennessee, Ohio and Missouri and more than 100,000 indirect jobs, according to the methodology from a 2020 independent study.
Shares of F are up 2.08% in mid-day trading on Monday.
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