Ford suddenly pauses massive EV battery project that Republicans are probing over CCP ties
foxbusiness.comMobius Capital Partners founding partner Mark Mobius says it's important for investors to diversify outside of China and into India, but warns against ignoring Chinese tech stocks on 'The Claman Countdown.'
U.S. automaker Ford Motor Company announced Monday that it would pause construction of a billion-dollar plant in Michigan involving a Chinese electric vehicle battery company.
Ford said in a statement to FOX Business that work on the factory had been paused and spending would be limited, but declined to pinpoint the exact considerations that factored into the decision. The Detroit-based company also said it hadn't made a final decision about the project despite repeatedly defending it for months.
«We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,» Ford spokesperson T.R. Reid told FOX Business. «We haven’t made any final decision about the planned investment there.»
Ford announced in a ceremony earlier this year that it would invest $3.5 billion to build the plant in Marshall, Michigan. As part of the announcement, the U.S. automaker said it had reached an agreement with Contemporary Amperex Technology (CATL), a Ningde, China-based firm, to manufacture battery cells at the plant using services provided by the Chinese company.
GOP BILL TO SAFEGUARD US AGRICULTURE FROM CHINA ADVANCES WITH HEAVY BIPARTISAN SUPPORT
Ford CEO Jim Farley announces his company's deal with Contemporary Amperex Technology during a press conference in February. (Bill Pugliano/Getty Images / Getty Images)
While Democrats including Michigan Gov. Gretchen Whitmer applauded Ford's announcement, since it was unveiled in February, Republicans
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