Another Big EV Battery Fantasy, Another Letdown
Electric-car makers keep looking past cheaper and safer power options, which means their high-risk ventures are rarely high-reward — for companies or investors.
Biden behind the wheel.
Photographer: Nicholas Kamm/AFP/Getty Images
There it is again: Another automaker makes a big announcement about its electrification plans with a battery manufacturer. Going by previous proclamations, that’s not just ambitious, but it’s also far-fetched.
Ford Motor Co. and SK Innovation Co. announced they’re partnering to spend $11.4 billion on three electric-car battery plants across the U.S., making it the most sizable investment in Ford’s 118-year history. The deal to build the biggest battery plant ever in America would catapult the South Korean firm to the status of a leading battery maker in the U.S. and is also its largest single outlay. All very big.