Ford Motor Company (NYSE:F) stock traded higher Thursday after the automaker pushed back against criticism from Transportation Secretary Sean Duffy over its ties to China.
Ford Defends Michigan Battery Plant
Ford said Duffy’s letter contained factual errors about its BlueOval Battery Park Michigan and its agreement with China’s CATL.
“Secretary Duffy’s letter is a wrongheaded attempt to capture headlines at the expense of a company that has done more for American manufacturing than virtually any other in the nation’s history,” Ford said.
The automaker said the CATL arrangement is a limited technology licensing and services agreement. It is not a joint venture or foreign-owned manufacturing operation. Ford owns and operates the Michigan plant and employs its workforce.
