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In a statement made by Ford, it was stated that the company continues to be optimistic about the long-term strategy for electric vehicles, but reorganized some investments.

In the statement, it was stated that Ford made progress on the battery factory project, but that it "right-sized the investment while balancing growth and profitability".

Within the scope of these arrangements, the plant will now have a production capacity of 20 gigawatts and will employ 1700 people.

In the statement, it was noted that the plant is planned to start producing lithium iron phosphate (LFP) battery cells by 2026.

In February, Ford announced plans to invest $3.5 billion to build a battery plant in Michigan state using technology from China-based Contemporary Amperex Technology (CATL).

In the announcement in question, it was stated that the facility is expected to have a production capacity of 35 gigawatts and employ 2,500 people in the first stage.

Ford's use of technology provided by the Chinese company CATL in this project drew reaction.

At the end of October, Ford announced that it would postpone its $ 12 billion electric vehicle investment as buyers became more cautious. In its balance sheet, the company stated that US electric vehicle buyers were "reluctant", which sharply suppressed electric vehicle prices and profitability.

Editor: John Wickey