🧵 1. U.S. lawmakers demand review of Ford's licensing deal with Chinese battery supplier CATL for Michigan plant, citing concerns about job creation and tax credits. #business
🧵 1. U.S. lawmakers demand review of Ford's licensing deal with Chinese battery supplier CATL for Michigan plant, citing concerns about job creation and tax credits. #business
🧵 2. The letter questions American vs. Chinese employment, eligibility for federal funding, forced labor practices, and reducing China's EV parts dependency.
🧵 3. Ford's upcoming plant will employ 2,500 people and produce lower-cost lithium iron phosphate batteries to boost EV production and profit margins.
🧵 4. Ford defends the deal, clarifying it's licensing a process, creating U.S. jobs, and refuting misinformation surrounding the partnership.
🧵 5. While Ford will manage the majority of jobs, some CATL employees will work at the plant until the licensing agreement expires in 2038.
🧵 Read more at: https://www.cnbc.com/2023/07/21/lawmakers-probe-ford-partnership-with-chinese-battery-supplier-catl.html