Ford has enough batteries for 600,000 electric cars a year

Ford Motor has secured enough battery supplies to produce 600,000 electric vehicles annually as of next year. The US automaker announced this in a statement on Thursday. The production target for the coming years is a huge step forward as Ford sold just 27,140 electric vehicles in the United States last year.

The automaker has signed a contract with Chinese battery supplier Contemporary Amperex Technology. Ford also stated that it has already got 70 percent of its battery capacity to build more than two million electric vehicles a year by 2026, a goal announced by CEO Jim Farley in March.

Ford earlier announced that it will invest more than $11 billion with South Korea’s SK Innovation in three battery plants and an electric vehicle assembly plant in Tennessee and Kentucky. The company expects global demand for electric vehicles to grow by more than 90 percent annually.