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Ford blasts White House criticism of China tech partners, calls Duffy letter 'wrongheaded'
Yahoo Finance • • general
Key Points:
- Ford stock experienced volatility following the White House's criticism of its reliance on Chinese partners, specifically concerning battery technology and joint ventures.
- Transportation Secretary Sean Duffy expressed "profound concern" about Ford's use of Chinese battery-maker CATL technology, its joint factory with Geely in Spain, and talks with BYD for hybrid components.
- Ford strongly rebutted the criticism, emphasizing its commitment to American manufacturing, clarifying that the CATL deal is a limited licensing agreement, and denying any plans to facilitate Chinese joint ventures in the US.
- The dispute highlights tensions between Ford CEO Jim Farley and the White House, despite their previously cordial relationship, including Trump's visit to a Ford plant earlier this year.
- Ford also disputed claims of delayed reshoring of Lincoln Nautilus production, stating ongoing collaboration with administration officials to bring assembly back to the US.
