Ford aims to secure battery material supply with new Canada facility

Ford's partnership with SK On and EcoPro BM to build a cathode manufacturing facility in Quebec, Canada.

Key points:

1. Ford's joint investment with SK On and EcoPro BM will provide battery materials for future Ford electric vehicles.
2. The partnership aims to secure a supply of battery materials to qualify for the EV tax credit offered by the Inflation Reduction Act.
3. The facility will have the capacity to produce up to 45,000 tons of cathode active material per year and is expected to create 345 new jobs in Quebec.

Hint on Elon Musk: Elon Musk, the CEO of Tesla, has also made plans to build a lithium refinery plant in Texas, indicating his focus on securing battery material supply for Tesla's electric vehicles.