Ford has announced that it will be building a factory in Michigan with CATL to make lithium iron phosphate (LFP) batteries for the growing US EV market. The factory will come online in 2026 and is expected to cost $3.5 billion. Until then Ford will purchase LFP batteries from CATL so it can offer its Mach-E and F-150 Lightning vehicles with a cheaper base option with lower ranges. Ford has also laid off significant amounts of its workforce in the UK and Europe, showing further commitment towards its home market in North America, as it redistributes its resources in preparation for mass EV manufacturing. This deal raises some big questions about how exactly the inflation reduction act (IRA) will work…