Ford said Thursday it has shored up its battery supply chain as part of its global strategy to sell more than 2 million EVs annually by 2026.
The automaker, which is investing $50 billion to scale its battery-electric portfolio through 2026, said it plans to boost battery capacity, shorten its supply chain and use lithium iron phosphate (LFP) batteries for some of its EVs. LFP batteries are a less expensive cell chemistry growing in popularity among automakers competing for share in the burgeoning EV segment.
Ford said the moves will help it remain on track to meet its short-term goal of ramping up EV production to 600,000 units by 2023 and 2 million units by 2026. The company said it has sourced 70% of battery capacity to meet its 2026 sales target so far.
Meeting its EV production goals could require about 8,000 job cuts, according to unnamed sources cited by Bloomberg.
Executives did not address…
