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Ford seeks lithium supply deals

Ford seeks lithium supply deals

Ford Motor Co. is looking to establish supply deals with a lithium producer as it plans to expand its electric vehicle offerings, Reuters reported.

According to the report, Ford's Executive Chairman Bill Ford said the company is "looking at the entire supply chain," although he did not mention a specific company. Lithium is a crucial component in lithium-ion batteries used in electric vehicles.

California-based rival Tesla Inc. has a similar deal with Australia's Kidman Resources Ltd.

Meanwhile, Executive Chairman Ford expressed confidence in CEO James Hackett's leadership amid disappointing results. The chairman also said he supports Hackett's plans to broaden the company's EV offerings, including an electric version of the F-150 truck.