- 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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