Ford Motor Co., China’s Zhejiang Huayou Cobalt Co. and China’s Zhejiang Huayou Cobalt Co. agreed on Thursday to cooperate on the construction of a nickel processing plant in Southeast Sulawesi, Indonesia. The project is valued at $4.5 billion and commercial operations are expected to begin in 2026.
The plant could produce up to 120 kilotons of mixed hydroxide precipitate (MHP), which is used in electric vehicle batteries. The project is part of Ford's effort to reach an annual production run rate of 2 million electric vehicles by the end of 2026.
