Michigan Gives $1B In Subsidies For Battery Plant W/China Partner | Off The Press

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Michigan Gives $1B In Subsidies For Battery Plant W/China Partner

Michigan Gives $1B In Subsidies For Battery Plant W/China Partner

  • The Ford Motor Co. said Monday it will collaborate with a Chinese tech supplier CATL on a new, $3.5 billion battery plant in Michigan for electric vehicles
  • The announcement of the deal between Ford and Contemporary Amperex Technology Co., or CATL.
  • The deal follows Virginia GOP Gov. Glenn Youngkin taking his state out of the running to be the site of the plant, over its connection to the Chinese company.
  • Ford said the U.S. automaker will wholly own the new, $3.5 billion facility, in Marshall, Mich., instead of operating it as a joint venture with CATL, the world largest battery company.
  • CATL will license technology to Ford to produce lithium iron phosphate batteries in Michigan and provide the U.S. automaker with technical assistance.
  • Michigan, under Democrat Gov. Gretchen Whitmer has approved $1 billion in taxpayer subsidies for the plant .
  • The Michigan Strategic Fund approved incentives¬† including a $210 million Critical Industry Program grant from state’s Strategic Outreach and Attraction Reserve Fund; $772 million in Renaissance Zone property; a real tax exemption over 15 years; and a $36 million loan.
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