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Ford to buy cheaper CATL EV batteries to catch Tesla

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DETROIT: Ford Motor Co on Thursday said it will import lower-cost lithium iron batteries for its North American electric pickup trucks and SUVs from Chinese battery champion CATL, as it works on a broader alliance with CATL and an array of separate deals to secure battery and battery materials into the next decade.

Ford Vice President Lisa Drake said the automaker plans to secure lithium-iron, or LFP, batteries from a new 40 GWh factory in North America starting in 2026. Drake would not say if that factory would be built by CATL. Reuters reported in May that CATL was looking at US sites to build EV batteries to serve Ford and BMW.

Ford said it also has agreed with CATL to explore using the Chinese company's batteries in Ford vehicles sold in the United States, Europe and China. Some of the metals agreements are linked to projects that likely will not be producing until the later part of the decade. The Rio and Compass Minerals deals involve so-called direct lithium extraction technologies that have never worked at commercial scale.

US government officials are increasingly concerned about the auto industry's reliance on China as the dominant source for battery materials and battery cells. "We know battery material costs is where the war will be won," Drake said during a call Thursday."LFP will give the biggest step function down" in costs.

 

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