Automakers expected to invest heavily on EV battery cells

Automakers worldwide are projected to spend billions of dollars in coming years to move production of electric vehicle battery cells closer to home, according to CNBC.

The investments are coming in anticipation of widespread adoption of EVs, the financial news channel says, adding that until recently automakers beyond Tesla have been reluctant to invest in battery cell production.

Instead, they have been relying on suppliers largely based in Asia, and the semiconductor chip shortage has highlighted automaker’s reliance on overseas suppliers, says the report.

Ford recently announced plans to build battery plants in Kentucky and Tennessee in partnership with SK Innovation. Automaker Stellantis has also unveiled its own plans to partner with LG Energy Solution to produce battery cells and modules in North America, CNBC says.

To learn more, check out CNBC’s article.