00:00 It's Benzinga and here's what's on the block.
00:02 Ford plans to build an $887 million electric vehicle battery component factory in Quebec.
00:08 Collaborating with South Korean companies SKON and EcoProBM, the facility located in
00:13 Bekkenkor is slated to start operations in the first half of 2026.
00:18 The plant aims to manufacture up to 45,000 tons of cathode-active materials for future
00:23 Ford EVs.
00:25 The move comes after Ford's agreement in May to adopt Tesla's charging standard and its
00:29 subsequent price reduction for electric F-150s.
00:33 The Canadian government and Quebec province will jointly contribute $476 million to the
00:38 project.
00:39 Ford shares rose almost 1% in response to the announcement.
00:43 The automaker's recent auctions, including partnering with Tesla for charging infrastructure
00:48 and lowering EV prices, highlights its push to compete in the rapidly growing EV market.
00:52 For all things money, visit Benzinga.com!
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