Oil and LNG Tankers Turn Back as Strait of Hormuz Security Risks Escalate 
Nvidia Invests $500M in Firmus Technologies Ahead of Planned ASX IPO 
Sino Biopharm Stock Rises After AstraZeneca Licensing Deal, GSK Partnership Expansion 
Mizuho’s Top U.S. Industrials Stocks: Why Corteva and Stanley Black & Decker Stand Out 
Fed Chair Kevin Warsh Launches Task Forces to Overhaul U.S. Monetary Policy Framework 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
Wall Street Rises as SK Hynix’s Record Nasdaq Debut Steals Spotlight Ahead of U.S. CPI Data 
Gold Prices Slip as Stronger Dollar, Fed Rate Outlook Weigh on Bullion 
Levi Strauss Raises 2026 Outlook After Q2 Earnings Beat, Shares Drop Despite Strong Results 
Kitron Q2 Revenue Beats Estimates as Defense Demand Lifts Growth 
Zhipu AI Raises HK$31.37 Billion in Discounted Share Sale to Accelerate AI Growth 
Japan Wholesale Inflation Jumps as Energy Shock Drives Import Costs Higher 
Apple Tests China's CXMT Memory Chips as DRAM Maker Gains Global Market Share 
Japan Regional Bank Stocks Drop After Zentoshin Bankruptcy Sparks Credit Risk Concerns 
Gold Price Climbs Over 1% as Dollar Weakens, Fed Rate Debate and Iran Tensions Remain in Focus 
Gold Prices Set for Weekly Loss as Iran Tensions and Fed Rate Outlook Weigh 
Samsung Chairman Lee Jae-yong Expected to Meet Nvidia CEO Jensen Huang on AI and Chip Partnership 
Ford Motor is spending about $3.5 billion to proceed with its plans of building a new plant for the production of batteries for electric vehicles. The American automaker is doing this business in partnership with a Chinese company, Contemporary Amperex Technology Co., Limited or CATL.
Ford Motor confirmed this week that the EV battery plant is set to rise in Michigan. The company was supposed to build it in the state of Virginia but its governor reportedly rejected the proposal.
The company’s aim for the new facility is to reduce the cost of entry-level EVs by producing low-cost batteries for some of its own electric vehicle units. The EV battery plant will initially generate at least 2,500 new jobs when it opens at a greenfield site in the city of Marshall.
As per Fox Business, production of EV batteries in the facility will begin in 2026. To be more exact, it will make lithium iron phosphate cells (LFP) and nickel cobalt manganese cells (NCM) which are cheaper to manufacture. Then again, these EV battery components are said to have a lower energy density compared to the nickel cobalt manganese chemistry (NCM) that is currently being used in all Ford EVs.
Although this project is a collaboration with CATL, it will be fully owned by one of Ford Motor’s subsidiaries. But it was agreed that the Chinese battery firm will allow the use of its technology for the production.
The announcement of the plant was attended by Michigan Governor Gretchen Whitmer, Ford’s chief executive officer, Jim Farley, and executive chairman, Bill Ford. The event took place at the Ford Ion Park where they also revealed that the facility will measure 2.5 million square feet.
“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,” the automaker’s executive chair Bill Ford said in a press release. “I am also proud that we chose our home state of Michigan for this critical battery production hub.”
Photo by: Jessy Smith/Unsplash
