Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Bank of England Sees Surge in Higher-Risk Collateral 
Dollar Hits Two-Week High as Iran Conflict Lifts Oil and Bond Yields 
Asian Stocks Tumble as Oil Surge Fuels Rate Hike Fears 
France Targets Shein, Temu With Fast-Fashion Fees 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Tesla Cybercab Launch Puts Robotaxi Ambitions in Focus 
European Stocks Edge Higher as Bond Yields Ease 
Oil Prices Slip as Trump Eases Iran Supply Fears 
Oil Prices Rise as U.S.-Iran Fighting Fuels Supply Fears 
India Manufacturing Growth Slows to Five-Year Low in August 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Oil Prices Rise as US-Iran Conflict Threatens Middle East Supply 
MongoDB Stock Sinks 14% as Atlas Growth Misses Expectations 
Australia Current Account Deficit Widens to A$27.2 Billion 
FTSE 100 Falls as US-Iran Conflict Drives Oil Prices Higher 
Add as a preferred source on Google
Ford Motor is the latest company to reveal its plans about making its own batteries for electric cars. Based on the reports, the American automaker based in Detroit has intentions of developing lithium-ion batteries for its EVs.
Ford preparing to enter the battery-making game
This type of battery is now considered an important part of the production of electric cars; thus, more and more companies are getting into the battery-making market. Many carmakers are moving away from gas-powered vehicles and slowly shifting to electric ones, and it is not just a trend, but it is an effort to curb gas emissions that are harming the planet as well.
The Wall Street Journal reported that Ford Motor announced its plans to open a development center for batteries. The company is setting aside $185 million for this facility that will rise in Michigan.
Once the center starts operating, and the projects are successful, Ford’s chief product and operations officer, Hau Thai-Tang, said that they will eventually proceed to produce their own battery cells. It is hoped that the battery development facility will be completed next year. The executive disclosed this plan during a press briefing on Tuesday, April 27.
The planned facility
Since Ford welcomed Jim Farley as its new chief executive officer last fall, it has laid out a more aggressive plan to boost sales and everything else. Apparently, moving into batteries is also part of the agenda.
As per The Washington Post, the company will build a 200,000-square-foot facility and will be equipped with tools for designing, testing, and manufacturing of battery packs and cells, and of course, they will start with small-scale battery production.
It was said that as Ford continues to explore what more it can do, the soon-to-open center will also develop electronic controls and other items. Once they successfully developed these technologies, the automaker will then proceed to go full-scale production, but CNBC noted that Ford will not be a full battery cell production facility like what Tesla and GM are planning to do.
"We now see that the market is going to develop very quickly, and we will have sufficient scale to justify having greater levels of integration," Thai-Tang said regarding Ford’s venture into battery-making. "We will no longer take an approach of hedging our bets and planning around the uncertainty of how fast that will play out.
