Ford Motor Co F shares are trading higher Thursday after the company announced multiple updates relating to its electric vehicle plans.
Ford and Rio Tinto announced that the companies intend to jointly develop more sustainable and secure supply chains for battery and low-carbon materials to be used in Ford vehicles. As part of the partnership, Rio Tinto will supply Ford with materials including lithium, low-carbon aluminum and copper.
Ford also signed an agreement with Compass Minerals CMP. Compass is set to supply Ford with a battery-grade lithium product from its lithium brine development project at its solar evaporation facility. Compass and Ford plan to work together to create a two-phase arrangement that secures a significant quantity of Compass' production for Ford starting in 2025.
Ford also announced a supply agreement with emerging lithium-boron supplier ioneer. Under the agreement, ioneer will supply Ford with lithium carbonate. The company will deliver 7,000 tonnes per annum of lithium carbonate to Ford over a 5-year period, starting in 2025.
Along with these announcements, Ford outlined a series of initiatives for sourcing battery capacity and raw materials.
Ford expects that said plans will help the company achieve its targeted annual run rate of 600,000 electric vehicles by late 2023 and more than 2 million by the end of 2026. Ford said it plans to invest over $50 billion in EVs through 2026.
See Also: Why Are Shares Of Tesla Up Today
F Price Action: Ford has traded between $25.87 and $10.61 over a 52-week period.
The stock was up 2.04% at $12.99 at press time, according to data from Benzinga Pro.
Photo: courtesy of Ford.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.