Ford has struck a series of supply deals for lithium as it revealed that it needs to close a $7bn cost gap with its rivals to remain competitive.
The carmaker will work with established industry giants Albemarle and SQM, as well as three developers, to supply the silvery-white metal, a critical material for batteries which power EVs.
The US carmaker also told those gathered for its investor event on Monday that its overall costs were $7bn higher than competitors, mostly stemming from vehicle complexity and “chronically inefficient” suppliers in its traditional engine-vehicle business “Ford Blue”.
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