Ford Motor Co. is resuming construction on a Michigan electric vehicle battery plant, but plans to scale back the factory size and jobs due to slowing electric vehicle sales growth.
The annual battery cell output will drop from 400,000 to 230,000.
The plant will open in 2026 and produce batteries with a cheaper lithium-iron-phosphate chemistry.
Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise https://t.co/XHDsZELVPO
— CNBC (@CNBC) November 21, 2023
“We are now good to confirm that we are moving forward with the plant,” spokesman Mark Truby said.
U.S. electric vehicle sales are growing but not as fast as last year, causing automakers to slow their battery and assembly plant building plans.
Michigan will be home to Ford’s first battery plant of this kind, creating 1,700 new jobs and billions worth of investments.
Ford is also delaying spending on EVs totaling $12 billion due to the slowdown in electric vehicle sales.
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