Ford Motor F, in collaboration with South Korean battery suppliers SK On and EcoProBM, is set to invest CAD$1.2 billion ($890 million) in a cathode manufacturing facility in Bécancour, Québec, Teslarati reported.
This initiative will generate around 345 new jobs, with production slated to commence in the first half of 2026.
The facility aims to supply materials for Ford's electric vehicle batteries and is projected to produce up to 45,000 tonnes of CAM annually. EcoProBM, a specialist in cathode material production, will supervise the manufacturing, focusing on high-quality Nickel Cobalt Manganese (NCM) for rechargeable batteries.
See Also: Tesla Ties With Lexus In US Auto Customer Satisfaction But Remains Behind This Foreign Rival
Construction is ongoing for the 280,000 sq.m cathode plant, which will feature a six-floor building housing engineers, sales, service professionals, and other staff. Additionally, Ford and SK One are looking to offer co-op positions to students from local Québec institutions.
This collaboration mirrors their joint ventures in places like Glendale, Kentucky. The partnership aims to bolster Ford's EV supply chain in North America, potentially making its EVs eligible for tax incentives.
Ford Canada's President and CEO Bev Goodman remarked, "Ford has been serving customers in Canada for 119 years… We're excited about the opportunity for our first-ever investment in Québec with a new facility that will help shape the EV ecosystem there."
Read Also: Everything You Need to Know About Tesla Stock
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Shahan Manghani
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.