Ford boosted its planned spending on EVs through 2026 to $50-billion from its prior target of $30-billion
Ford Motor Co. on Thursday announced a series of deals to accelerate its shift to electric vehicles, including sourcing battery capacity and raw materials from such companies as Chinese battery maker CATL and Australian mining giant Rio Tinto.
In March, Ford boosted its planned spending on EVs through 2026 to $50 billion from its prior target of $30 billion, and reorganized its operations into separate units focused on EVs and gasoline-powered vehicles with Ford Model e and Ford Blue, respectively. The U.S. automaker said CATL will provide full LFP battery packs for the Mustang Mach-E crossovers for North America starting next year as well as the F-150 Lightning pickups in early 2024.Ford said it has now sourced about 70% of the battery cell capacity it needs to achieve its annual production rate of more than 2 million by late 2026.
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