🟢 F up 5.09% after announcing new 'Ford Energy' subsidiary and $2B investment in grid-scale batteries

Ford's stock surged after the company announced a significant strategic move into the energy sector.

• The company unveiled a new subsidiary, Ford Energy, which will manufacture and sell large-scale lithium iron phosphate (LFP) battery systems for the energy grid.
• Ford plans to invest approximately $2 billion over the next two years to scale the new business.
• The company will repurpose its existing battery manufacturing facility in Glendale, Kentucky to produce the grid-scale storage systems, targeting an annual deployment of at least 20 gigawatt-hours (GWh).