Ford Pitches New LFP Battery, With Rivian Breathing Down Its Neck
AI-summarised brief · reviewed before publication
Ford is hiring hundreds of workers to manufacture a new LFP battery in the US, with assistance from CATL. The company aims to reduce the up-front cost of EVs to mass-market level. Ford has welcomed over 500 employees to its BlueOval Battery Park in Michigan and plans to reach 800 by the end of the year. The new LFP batteries will power Ford's affordable midsize electric truck, with shipping expected to start this year. Rivian, a rival EV maker, has also been making moves to reduce EV costs, but has recently laid off several hundred workers. Ford's hiring spree and new battery production may give it an edge in the affordable EV market.
💡 Why It Matters
- · Ford's focus on affordability could help it gain traction in the EV market, particularly against rival Tesla.
- · The company's goal of beating the cost of owning a used Tesla Model Y over a five-year period is a significant target.