Ford Motor Company

Ford believes has enough battery supplies to allow it to produce 600,000 electric vehicles a year by the end of 2023 

it has covered around 70% of the 2 million annual production it is forecasting by the end of 2026.

the US carmaker announced a series of deals to accelerate its shift to EVs, including source battery capacity and

raw materials from companies such as Chinese battery giant Contemporary Amperex or CATL and Australian mining giant Rio Tinto.

in march,Ford says that the deals with CATL and Rio and changing existing deals with other battery 

suppliers, will help it get to a yearly rate of 2 million units by 2026 and cut costs.

Ford expects a compound annual sales growth rate for EVs to top 90% through 2026, more than doubling the forecast industry growth rate.

“Ford’s new electric vehicle lineup has generated huge enthusiasm and demand, and now we are putting the industrial system 

in place to scale quickly,” Ford CEO Jim Farley said in a statement on Thursday.

Ford  will begin offering vehicles with lower-cost lithium iron phosphate (LFP) batteries from CATL.

Ford will offer the LFP batteries alongside its nickel cobalt manganese (NCM) models.

Ford has secured all of the 60-gigawatt-hours (GWh) of cell capacity needed to support the 600,000-run rate.

its current battery suppliers, the Korean companies LG Energy Solution and SK On, 

to meet its late-2023 production targets and to help it get to 2 million EVs a year by 2026.