The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble//File Photo Acquire Licensing Rights
OTTAWA, Aug 17 (Reuters) - A consortium of Ford Motor Co (F.N) and South Korean companies on Thursday said they would build a C$1.2 billion ($887 million)plant to produce electric vehicle (EVs) battery materials in Becancour, Quebec, a town seeking to become an EV-supply-chain hub, Canada's industry ministry said.
The consortium includes South Korean partners EcoProBM (247540.KQ) and SK On Co Ltd, according a statement from the ministry. The factory will eventually produce 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs.
Ford in a separate statement described the materials as high-quality Nickel Cobalt Manganese (NCM) for rechargeable batteries that are targeting greater performance and improved EV range.
"This cathode facility will supply the material that goes into Ford's future EVs in North America, specifically some of our future trucks," Lisa Drake, Ford vice president for EVs, told reporters.
It is Ford's first investment in Quebec, although it has operated in neighboring Ontario for more than a century.
Canada's federal government will provide the consortium with a conditional loan of C$322 million and Quebec will offer the same amount as a partially forgivable loan, the statement said. The factory is expected to be operational in the first half of 2026, creating more than 345 jobs.
This is the latest in a series of construction announcements for Becancour, a town of fewer than 15,000 people on the St. Lawrence River that is shaping up to be an EV-supply-chain hub in North America.