Ford Pivots to Battery Storage Business with $2 Billion Investment After Scaling Back EV Plans
Summary
Ford launches a $2 billion battery storage business targeting data centers and electric grids, repurposing its Kentucky factory to produce lithium iron phosphate batteries with 20GWh annual capacity starting in 2027 as it pivots from scaled-back electric vehicle plans to compete with Tesla and GM in energy storage.
Key Points
- Ford launches a new battery storage business targeting data centers and electric grid applications, pivoting from its reduced electric vehicle plans
- The company invests $2 billion over two years to repurpose its Kentucky factory for lithium iron phosphate battery production using CATL technology
- Ford plans to ship battery storage systems starting in 2027 with 20GWh annual capacity, competing with Tesla and General Motors in the energy storage market