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Ford Inks Deal with Nemaska Lithium to Boost EV Output

The deal with the Canadian lithium firm enters as North American auto manufacturers race to receive deliveries of battery materials to promote EV output in the midst of surpassing demand for eco-friendly vehicles.

May 23, 2023. By Nivedita Ojha

Ford Motor Co has inked a long-term deal with Nemaska Lithium for the delivery of lithium products, including lithium hydroxide, as the auto manufacturer builds up electric vehicle (EV) production to 2 million units by the end of the year 2026.

The deal with the Canadian lithium firm enters as North American auto manufacturers race to receive deliveries of battery materials to promote EV output in the midst of surpassing demand for eco-friendly vehicles.

At the beginning of this year, Ford added PT Vale Indonesia and China’s Zhejiang Huayou Cobalt as their new partner in a USD 4.5 billion nickel processing plant in Indonesia.

Ford stated its whole year of USD 9 billion to USD 11 billion of accommodated earnings before interest and taxes and around USD 6 billion in adjusted free cash flow.

The automobile maker continues to anticipate its electric vehicle unit to lose USD 3 billion this year.

Ford Motor Company is a multinational automobile manufacturer based in Dearborn, Michigan, United States. It was founded by Henry Ford and established on June 16, 1903.
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