Ford Motor Co. (F) said it has invested $50 million in lithium-ion battery supply chain company Redwood Materials, as the companies announced Wednesday they were teaming up to build out a U.S. battery supply chain and battery recycling for electric vehicles. Ford's stock rose 0.6% in premarket trading. The companies said "closing the loop," in which materials used to make batteries are recycled and used again, will lower costs and reduce reliance on imports and mining raw materials. "Creating a U.S. circular supply chain is a major step toward making battery electric vehicles sustainable, accessible and affordable for more Americans," the companies said in a statement. Automaker Ford said the investment in Redwood Materials is part of its plan to invest more than $30 billion in electrification through 2025. Ford's stock has dropped 14.4% over the past three months through Tuesday, while shares of rival General Motors Co. (GM) have slumped 16.7% and the S&P 500 has gained 2.5%.
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