An American multinational automobile manufacturer Ford’s gearing up to announce a $3.5 billion battery plant in Marshall, Michigan, as reported by Automotive News.
While Ford still hasn’t confirmed these plans, Michigan reportedly offered $1 billion in incentives to attract the automaker. The factory’s expected to bring 2,500 jobs to the area.
The project is part of Ford’s efforts to comply with the strict rules set by the Biden administration’s Inflation Reduction Act (IRA), which lets EVs assembled in North America qualify for a $7,500 tax credit.
Although the IRA also outlines battery sourcing requirements that discourage dealings with “foreign entities of concern,” like China, we still don’t know how the Treasury Department will interpret these rules until sometime next month.
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