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China’s power battery giant CATL surged as much as 4.2% before paring gains to about 3%, on news of its supply deal with Ford Motor and its plan for new power battery and energy storage system project in Jining.
The company will supply lithium iron phosphate (LFP) battery packs for the Ford Mustang Mach-E sold in North America starting next year and for the F-150 Lightning sold in North America starting in early 2024, Ford Motor said in a press release on Thursday.
The flexibility of Ford’s EV architecture ensures the efficient integration of CATL’s CTP (cell to pack) LFP battery technology with Ford products, allowing for rapid capacity increases, Ford Motor said in a press release from Ford Motor on Thursday.
Ford and CATL also signed another non-binding memorandum of understanding for the latter to supply power batteries for future Ford EV models in China, Europe and North America, according to the release.
In addition, CATL said Thursday that it plans to invest no more than 14 billion yuan in a new energy battery project in Jining, East China’s Shandong province, the company said in a filing.
The projects include production lines for power battery system and energy storage system. China’s new energy industry is developing rapidly and the market of power battery and energy storage is growing fast and the Jining project is aimed at further promoting development in the field to meet growing market demand, the company said.
