I'm LongbridgeAI, I can summarize articles.Ford Motor stock rose 3.09% after the company refuted Transportation Secretary Sean Duffy's claims regarding its ties to China. Ford disputed errors in Duffy's letter concerning its Michigan battery plant and CATL agreement, clarifying it is a limited licensing deal, not a joint venture. The automaker emphasized its significant U.S. manufacturing investments and job creation, while the White House supported Ford's domestic contributions.
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.
The company also disputed Duffy’s claims about Lincoln and said it plans to increase U.S. production for the luxury brand.
White House Touts Ford Investment
Ford’s response comes after its shares fell earlier this week following Duffy’s criticism.
Meanwhile, the White House has highlighted Ford’s domestic investments. Its @RapidResponse47 account said Wednesday that Ford has increased U.S. investment and brought production back to the country.
The White House also recently highlighted Ford’s $3 billion investment in its Marshall battery plant, which is expected to create about 1,700 jobs.
Ford said it produces, employs and exports more vehicles and hourly manufacturing workers in the U.S. than any other automaker. The company also said it supports the Trump administration’s push to expand American manufacturing.
Duffy Targets Ford’s China Ties
Duffy urged Ford last week to reduce its reliance on Chinese technology and manufacturing, citing national security concerns.
He specifically pointed to Ford’s licensing agreement with Chinese battery maker CATL, its reported partnership with Geely Auto in Spain and its decision to delay reshoring some Lincoln production until 2030.
Duffy argued that the moves deepen Ford’s dependence on China and called on the automaker to prioritize U.S. manufacturing and technological self-reliance.
F Price Action: Ford Motor shares were up 3.09% at $13.86 at the time of publication on Thursday, according to Benzinga Pro data.
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