DEARBORN, Mich. (AP) — Ford Motor Co. is investing $50 million in an upstart electric vehicle battery recycling company as the automaker moves to shore up its U.S. battery supply chain.
The Dearborn, Michigan, automaker will invest in Redwood Materials, a Nevada-based company founded by former Tesla executive JB Straubel.
Ford says in a statement that Redwood can recover 95% of precious metals in EV batteries such as nickel, cobalt, lithium and copper, all of which could run short as the world shifts from internal combustion to electric vehicles.
The automaker says locally produced anode and cathode materials can drive down battery costs, increase materials supply and cut reliance on imported materials.
Ford already has announced plans to build two North American battery factories with Korean partner SK Innovation starting around 2025. Ford expects 40% of its global sales to be fully electric by 2030.
Both companies plan to collaborate on ways to collect and disassemble used batteries from Ford EVs, as well as ways to recycle and remanufacture them. 7 Defensive Stocks to Buy on Market Jitters
Defensive stocks are companies that deliver consistent revenue and earnings regardless of what is happening in the broader economy. This has the effect of allowing these stocks to outperform the market when the economy is in a downturn. But it also means that these stocks are frequently overlooked during bull markets.
After all, for many investors, particularly younger investors, but the benefit of capturing a dividend is far down on their list of priorities. But it’s specifically their ability to serve as a hedge against volatility that makes defensive stocks worthy of consideration in every portfolio.
One characteristic of defensive stocks is they have a high percentage of institutional ownership. These institutions (hedge funds, large investment banks, mutual funds, etc.) are frequently referred to as the “smart money.” By putting their money into these companies it’s a sign that the company is financially sound and likely to perform well.
Defensive stocks can be found in many sectors. In this presentation, we’re giving you one pick from various sectors.
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