Ford shares rise 3.09% as automaker rebuts China ties criticism

  • Ford defended its Michigan battery plant and CATL agreement against Sean Duffy’s criticism.
  • Ford shares rose 3.09% to $13.86 Thursday, Benzinga Pro data showed.
  • White House highlighted Ford’s $3 billion Marshall battery plant investment.

Ford shares rose Thursday after the automaker rejected Transportation Secretary Sean Duffy’s criticism of its China ties and defended its BlueOval Battery Park Michigan. Ford said its agreement with Chinese battery maker CATL is a limited technology licensing and services arrangement, not a joint venture or foreign-owned operation. The company said it owns and operates the Michigan facility, employs its workforce and plans to expand U.S. production for Lincoln. Duffy has cited national security concerns over Ford’s CATL agreement, a reported partnership with Geely Auto in Spain and delayed reshoring of some Lincoln production until 2030. The White House has highlighted Ford’s domestic investment, including a $3 billion Marshall battery plant expected to create about 1,700 jobs.

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Ford shares rise 3.09% as automaker rebuts China ties criticism - CoinPost Terminal