How Ford, CATL worked for years to seal deal on a $3.5 billion battery plant
Taiwan trip, 'Trojan horse,' tech 'hypocrisy': Geopolitics cast a shadow over it allFor executives on both sides of the Pacific, Ford Motor Co.’s controversial deal tousing Chinese technology was the finale of a high-wire act that began two years ago.
Navigating geopolitical disputes will be crucial as century-old carmakers like Ford and General Motors scramble to catch up with Tesla. In the fast-growing market for plug-in vehicles, batteries have become a key battleground — and Ford and its rivals need China’s technology. Just two Chinese companies — Tesla supplier CATL and rival BYD — account for more than half of the world’s EV battery production.
“The IRA was incredibly important to us,” Lisa Drake, Ford’s vice president of EV industrialization, told reporters February 13. “It did what it was intended to do.” Ford and CATL hatched a plan to maximize the tax benefits of the legislation while hoping to dodge political opposition. Ford would own and operate the plant as a wholly owned subsidiary, while licensing the technology from CATL, which will help with installation of factory equipment at the plant and have permanent staff on site.
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