- Ford Motor Co. (NYSE:F) intends to build a cathode manufacturing facility in Becancour, Qubec for electric vehicle (EV) manufacturing
- The automaker formed a consortium of South Korean companies to invest C$1.2 billion to build the facility
- Production is targeted to begin in the first half of 2026, producing up to 45,000 tonnes of cathode active materials (CAM) per year
- Ford Motor Co. opened trading at US$11.83 per share
Ford Motor Co. (NYSE:F) intends to build a cathode manufacturing facility in Becancour, Qubec for electric vehicle (EV) manufacturing.
The automaker formed a consortium with SK On Co Ltd and EcoProBM based out of South Korea to invest C$1.2 billion to build the facility.
Construction has begun on the 280,000-square-metre site, which will provide materials to supply batteries for Ford’s future EVs. Production is targeted to begin in the first half of 2026, producing up to 45,000 tonnes of cathode active materials (CAM) per year.
The Minister of Innovation, Science, and Industry of Canada, Franois-Philippe Champagne said in a statement that this move would help position Qubec as a key hub in the EV supply chain.
“This investment is good for the environment and for the economy, and it will ensure well-paying jobs for years to come.”
The federal government will provide the consortium with a conditional loan of C$322 million and Qubec will offer the same amount as a partially forgivable loan.
The town of Becancour on the St. Lawrence River is shaping up to be an EV-supply-chain hub in North America. The nearby Jarnet lithium project under Arbor Metals Corp. (TSXV:ABR) located in the James Bay region of Qubec, comprises 47 map-designated claims, covering an area of approximately 37.5 square km. The Jarnet project is contiguous to the Corvette-FCI property under Patriot Battery Metals Inc. (TSXV:PMET), where diamond drilling has confirmed significant lithium mineralization, and represents one of the highest-profile lithium exploration projects in the sector.