Ford and CATL are close to an agreement to build a battery factory together in America, but whose name will be on the front door?
LG Chem, Panasonic, SK On, Samsung SDI, and several other battery manufacturers are rushing to build battery factories in America, thanks in large part to the Inflation Reduction Act, which provides significant tax advantages for batteries made in the US. But CATL — the largest battery manufacturer in the world — has been, largely due to the roiling political waters between the US and China ever since Nancy Pelosi visited Taiwan earlier this year.
The proposal is just one option that has emerged since the IRA was signed into law in August and is far from being a done deal, the people said. The lack of clarity around specific content requirements in the IRA is also impacting the decision, and sites in If Ford opts for Virginia or elsewhere, it would mark another high profile snub of its home state. It has agreed to build battery hubs in Tennessee and Kentucky in its initial $11 billion investment with South Korea’s SK Innovation Co.
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