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Ford CEO would not count on electrical automobile battery prices to drop quickly

Ford CEO Jim Farley poses with the Ford F-150 Lightning pickup truck in Dearborn, Michigan, Could 19, 2021.

Rebecca Cook dinner | Reuters

WAYNE, Mich. – Ford Motor CEO Jim Farley doesn’t count on the prices of uncooked supplies for the corporate’s electrical automobiles to ease within the close to future, marking the most recent sign that automakers will proceed climbing costs for his or her new EVs.

“I do not suppose there’s going to be a lot reduction on lithium, cobalt and nickel anytime quickly,” Farley instructed reporters Wednesday throughout an occasion on the automaker’s Michigan Meeting Plant.

Farley’s feedback come a day after the Detroit automaker introduced it might be raising the starting prices for its electric F-150 pickup attributable to “vital materials price will increase.” The will increase vary from $6,000 to $8,500, relying on the mannequin. Ford is not alone: Rival Tesla increased its U.S. prices in June.

Costs of all lithium, cobalt and nickel have risen sharply over the previous yr as demand from battery makers has outpaced miners’ efforts to extend provide.

Farley stated the fast-rising prices of the minerals utilized in its present lithium-ion batteries are why Ford plans to supply lower-cost lithium iron phosphate, or LFP, batteries in automobiles such because the F-150 Lightning and Mustang Mach-E crossover.

“I do not suppose we must be assured in some other outcomes, than a rise in costs,” he stated. That is why we predict LFP know-how is essential … We wish to make these reasonably priced.”

Final month, Ford stated it should begin offering LFP batteries from Chinese language battery big CATL that do not use nickel or cobalt as a lower-cost possibility within the Mustang Mach-E subsequent yr. The corporate plans to broaden the choice to the F-150 Lightning in 2024.

Ford additionally has invested in Colorado-based battery startup Solid Power, one among a number of corporations working to develop solid-state batteries for electrical automobiles. Stable-state batteries have the potential to supply EV house owners extra vary, shorter recharging occasions, and a lower risk of fires than in the present day’s batteries.

Stable Energy stated Tuesday that it is on monitor to ship prototype batteries to Ford and BMW, additionally an investor, by the tip of the yr. However automobiles utilizing the batteries are nonetheless at the least a couple of years away.

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