CATL signals Ford (F) cooperation is proceeding as normal

Chinese battery giant CATL released a statement Monday signaling that the company’s cooperation with Detroit automaker, Ford Motor (NYSE: F) will move forward as planned. The statement follows an announcement Friday from two congressmen that the partnership is under investigation by the U.S. House of Representatives.

Ford announced in February that the company intends to use technology from CATL as part of a plan to spend $3.5 billion to build a battery plant in Michigan. However, a joint letter by the Republican chairs of the House Ways and Means Committee and the Select Committee called upon the automaker to address inquiries regarding the deal.

The representatives expressed concerns over Ford’s reliance on Chinese inputs for manufacturing electric vehicle batteries, "the company will be exposing itself and U.S. taxpayers to the whims of the Chinese Communist Party and its politics."

Ford defended the partnership, arguing that the partnership creates jobs and furthers the company’s commitment towards sustainability and human rights.

Shares of F are up 1.36% in mid-day trading on Monday.

By Michael Elkins | [email protected]

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