Ford Reaffirms EBIT Outlook, Inks Lithium Products Supply Agreement With Nemaska Lithium

Ford Motor Co F has reiterated FY23 adjusted EBIT guidance of $9 billion - $11 billion.
It sees an adjusted free cash flow of about $6 billion.
The auto major anticipates EBIT of about $7 billion for Ford Blue, nearly $6 billion for Ford Pro, and an FY23 loss of about $3 billion for the startup Ford Model e.
Also, Ford has entered into a long-term agreement with Nemaska Lithium for the supply of lithium products, including lithium hydroxide, over an 11-year period.
Also Read: Ford Recalls 422,000 Sports Utility Vehicles On Faulty Rearview Camera Image Display
The agreement calls for the delivery of up to 13,000 tons of lithium hydroxide per year.
Nemaska Lithium will supply Ford with spodumene concentrate from its Whabouchi mine before commencing delivery of lithium hydroxide produced in Bécancour.
Nemaska Lithium's integrated project is planned to be the first one to produce lithium hydroxide in Québec.
Nemaska Lithium is owned in equal parts by Investissement Québec, the economic development agency of the Québec government, and Lithium products manufacturer Livent Corp LTHM.
Price Action: F shares are trading higher by 0.52% at $11.71 in premarket on the last check Monday.
Also Read: Ford Won't Blink To Shutter Chinese EV Business If This Happens, Jim Cramer Thinks
Photo by neobrand via Unsplash