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— Ford Motor Co. is considering and Contemporary Amperex Technology Co. Ltd. of China to build a plant in the US to make car batteries in an arrangement designed to take advantage of new tax benefits while avoiding geopolitical sensitivities, Bloomberg reported, citing unnamed sources.
— Potential locations include the states of Michigan and Virginia, Bloomberg reports, adding that the plant will make lithium iron phosphate batteries for Ford’s electric models.
— The companies are mulling a novel ownership structure that would give Ford 100% ownership of the plant, while giving CATL operating rights and technology ownership, according to Bloomberg.
— Ford and CATL, which also supplies batteries to Tesla Inc., in July signed a strategic agreement to jointly explore new opportunities in the global electric-car battery supply chain.
Full story: https://bloom.bg/3j59tsa
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
12-15-22 0140ET
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