Ford, SK On, EcoProBM Invest ~$888M To Build Cathode Manufacturing Facility In Canada

Ford Motor Company F formed a consortium with SK On Co Ltd and EcoProBM to invest C$1.2 billion (~$887.51 million) in building a cathode manufacturing facility in Becancour, Quebec.

The plant will provide materials to supply batteries for Ford's future electric vehicles.

Production is targeted to begin in the first half of 2026, producing up to 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs.

"Ford has been serving customers in Canada for 119 years, longer than any other automaker, and we're excited to invest in this new facility to create a vertically integrated, closed-loop battery manufacturing supply chain in North America designed to help make electric vehicles more accessible for millions of people over time," said Bev Goodman, president and CEO, Ford of Canada. 

Also Read: Changan Ford Plans To Set Up Electric Car JV In China: Report

Construction has begun on the 280,000-square-meter site, including a six-floor building that will house approximately 345 new jobs in Canada. 

For SK On, the new facility is part of its efforts to secure a stable supply of key battery materials in North America. For EcoProBM, Canada is the second global market expansion after Hungary and marks the company's entry into North America.

Both these companies are based in South Korea.

"Today, we are helping to further position Quebec as a key hub in the electric vehicle supply chain, as we continue to build our battery ecosystem. This investment is good for the environment and for the economy, and it will ensure well-paying jobs for years to come," said François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada.

Also See: UAW Calls For Strike Vote At Detroit Three Automakers: Report

Price Action: F shares are trading higher by 1.02% to $11.93 on the last check Thursday.