In addition to the more than $50 billion in investments Ford has made so far across the globe in the development of electric vehicles, the firm has now revealed that it will spend $3.5 billion to construct an LFP battery factory in Michigan, USA.
This investment will increase the number of vehicles delivered quickly while keeping prices low and demand high. Ford's Ford+ strategy calls for the annual global production of 600,000 electric cars by 2023 and 2 million by 2026.
Ford will be able to create more electric vehicles thanks to the LFP batteries, which will increase options for consumers interested in purchasing new electric cars.
"We intend to be the pioneers of the shift to electric vehicles. That means spending money on the tools and personnel that will help us leapfrog the competition as the world's manufacturing sector undergoes a radical shift, " Bill Ford, Ford Motor Company's chairman, says.
The LFP batteries have a long lifespan, are resistant to quick charging, and use fewer expensive and in-demand materials to produce. Due to the qualities of this mass-produced, lower-cost battery, Ford's electric vehicles will be more competitive in the market. The LFP batteries will be utilized in the next generation of electric passenger cars and commercial vehicles.
"Ford's lineup of all-electric vehicles has been met with overwhelming interest. Ford Motor Company CEO Jim Farley says that Ford's electric cars, powered by cutting-edge and long-lasting battery technology, will soon be enjoyed by millions of buyers ".
Ford plans to debut LFP batteries in the Ford Mustang Mach-E during 2023 and the Ford F-150 Lightning electric pickup in 2024, well before the battery factory in Marshall, Michigan, USA, opens. This is done with the express intention of lowering customer wait times.
Ford's efforts to secure supply chains for electric vehicles that fulfill the company's sustainability and human rights goals align with the LFP batteries' reduced need for essential minerals like nickel and cobalt.
Before 2026, Ford will have spent over $50 billion worldwide on electric vehicles. They plan to attain worldwide carbon neutrality by 2050 across all their cars, factories, and supply chains. Also, by 2035, the business hopes that all its manufacturing facilities and suppliers will be carbon neutral and that their European car sales will produce zero emissions.
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