Hi ZipLawyer! I'm Ludo Lugnani and this is ZipLaw: an independent newsletter covering the best commercial and legal news from the day. We explain how each story impacts law firms and their clients so that you can stand out in interviews and applications.
Today's newsletter is a ~7 min read:
- 🚗 An Unlikely Deal: How China's top battery maker secured a deal with Ford
- ➕ Plus: Goldman cuts jobs, EU avoids winters disaster, Sweden not keen on Turkey NATO demands, and Bolsonaro supporters cause chaos in Brazil
🤿 Deep Dive
Streaming the Game
- Chinese battery maker CATL is partnering with Ford to boost electric vehicle adoption in the US and potentially build a plant to produce power packs.
What's going on?
Despite tensions between the US and China, Contemporary Amperex Technology (CATL), the world's largest battery maker, is partnering with Ford Motor to boost electric vehicle (EV) adoption.
The companies initially signed a cooperation agreement in July 2020 and are now discussing building a plant in Virginia or Michigan to make lithium iron phosphate power packs. This partnership stands in contrast to the goals of the US Inflation Reduction Act, which seeks to cut dependence on China as the US builds out domestic supply chains.
Why it matters: This partnership between Ford and CATL could help Ford's EV ambitions, similar to how CATL helped Tesla become one of the largest EV manufacturers. Ford is currently second only to Tesla in EV sales in the US. However, the timing of this partnership is also significant as the US is experiencing a factory-building boom as it tries to compete in the shift to industrial technologies and EVs. There is also a predicted shortage of power packs in the US, and companies like General Motors have already cut their EV sales targets due to supply shortages.
💼 What does this mean for law firm's clients?
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