Ford to Buy CATL LFP Batteries for Mustang Mach-E
Electric vehicles (EVs) are growing in popularity, and with the world heavily in need of batteries to keep up with demand, some companies are teaming up to help produce and receive more batteries.
Ford and CATL announced plans for a Global Strategic Cooperation, to help increase battery supply to markets in North America, Europe and China, according to a press release shared on Wednesday.
The partnership will feature the company’s jointly exploring new business opportunities to help promote global EVs.
CATL plans to provide lithium iron phosphate (LFP) for Ford’s Mustang Mach-E vehicles, starting as soon as next year.
Tesla Battery Supplier CATL Seeks Site for Mexico Plant: Report https://t.co/3qPD6ZpDnh
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Ford also plans to use CATL’s batteries for its F-150 Lightning electric pickups beginning in early 2024.
Additionally, Ford plans to use its flexible energy packs for a more efficient use of the China-based company’s cell-to-pack (CTP) technology.
The companies also plan to work together on newer battery technologies in hopes to leverage their business opportunity globally.
One analyst said earlier this month that he expects Ford and GM to surpass Tesla’s EV market share by 2025.
Ford CFO John Lawler noted last month that inflation had completely cut the automaker’s Mach-E profits, though he was also confident that demand for its EVs remained high.