Another Big EV Battery Fantasy, Another Letdown — Anjani Trivedi
There it is again: Another automaker makes a big announcement about its electrification plans with a battery manufacturer. Going by previous proclamations, that’s not just ambitious, but it’s also far-fetched.
Ford Motor Co. and SK Innovation Co. announced they’re partnering to spend $11.4 billion on three electric-car battery plants across the U.S., making it the most sizable investment in Ford’s 118-year history. The deal to build the biggest battery plant ever in America would catapult the South Korean firm to the status of a leading battery maker in the U.S. and is also its largest single outlay. All very big.
It comes at a time when President Joe Biden’s administration has been talking up electric-vehicle subsidies, including tax credits. In addition, anything made in the U.S. or with higher domestic content, including battery cells, would get more government support. That’s on top of a new national blueprint for lithium-ion batteries, making it perfect timing for Ford and SK’s blockbuster investment. There’s more to consider, however.
(Bloomberg Opinion) -- Read the whole thing.
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Brooke Sample is an editor for Bloomberg Opinion. She was previously an editor at Euromoney Institutional Investor.
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