Ford Motor Company has announced two key deals that will secure the supply of critical minerals for its electric vehicle (EV) batteries. The agreements will not only ensure a steady supply of these minerals but will also help Ford in its mission to become carbon neutral by 2050.
The automaker has inked a deal with Australian lithium miner Ioneer to secure the supply of lithium for its EV batteries. Lithium is a key component of EV batteries and is responsible for storing energy that powers the vehicle. The deal ensures Ford will have access to a consistent supply of high-quality lithium from Ioneer’s flagship Rhyolite Ridge lithium-boron project in Nevada.
Ford has also signed an agreement with South Korean battery manufacturer SK Innovation for the supply of battery cells for its EVs. SK Innovation is a leading supplier of battery cells and has been working with Ford since 2019. The new agreement will see the company supply additional battery cells to Ford for its EVs over the next few years.
The two deals are part of Ford’s broader efforts to invest $30 billion in EVs by 2025. The automaker has set an ambitious target to have 40% of its global vehicle sales come from EVs by 2030. The agreements will help Ford achieve this target by securing the critical minerals needed for its EV batteries.
The announcement comes ahead of Ford’s crucial capital markets day, which is set to take place on May 26. The event will see Ford outline its plans for the future, including its strategy for EVs and its plans to invest in new technologies.
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The announcement of the two deals is a significant step forward for Ford’s EV ambitions. The company has been ramping up its efforts in the EV space in recent years as it looks to compete with rivals such as Tesla and General Motors. The deals will help Ford to secure a competitive edge in the market as it seeks to establish itself as a major player in the EV space.
The supply of critical minerals is a major concern for automakers as they look to transition to EVs. The demand for these minerals is set to skyrocket in the coming years as more and more automakers make the shift to EVs. Securing a reliable supply of these minerals is crucial for the success of any automaker’s EV ambitions.
In addition to securing the supply of critical minerals, Ford is also investing heavily in battery technology. The automaker recently announced that it is partnering with South Korean battery maker SK Innovation to build two new battery plants in the US. The plants will produce advanced battery cells for Ford’s EVs and will help the automaker to achieve its goal of becoming carbon neutral by 2050.
In conclusion, Ford’s announcement of two key deals to secure the supply of critical minerals for its EVs is a significant step forward for the automaker’s EV ambitions. The deals will help Ford to achieve its goal of becoming carbon neutral by 2050 and establish itself as a major player in the EV space. With the demand for EVs set to skyrocket in the coming years, securing a reliable supply of critical minerals is crucial for the success of any automaker’s EV ambitions.
