New company to help improve competitiveness of battery-powered trucks

Kel Kearns - veteran of Ford Motor Company - has been appointed as CEO of the joint venture.

The JV aims to manufacture battery cells for commercial electric vehicles at a 21-gigawatt hour (GWh) factory that is anticipated to cost between USD 2-3 billion and come online in 2027.

The partners plan to initially invest a combined USD2.64bn to build a facility with a production capacity of 21 gigawatt hours (GWh) of batteries per year for commercial and industrial vehicle applications.

The JV aims to manufacture battery cells for commercial electric vehicles at a 21-gigawatt hour (GWh) factory that is anticipated to cost between USD 2-3 billion. The emphasis is on pioneering better battery chemistries that last longer, are safer, lower in cost and are more environmentally sustainable, preferably without the need for nickel and cobalt raw materials.