Ford Motor Company (NYSE: F) shares are trading higher following a Bloomberg article suggesting Ford is building a $185 million battery research lab as part of a push to build its own power sources for plug-in cars.
The report states the 200,000-square-foot research center, which will be referred to as Ford Ion Park, will be located in the Detroit, Michigan area. According to Bloomberg, the research center will be open by the end of 2022.
Shares of Ford are trading higher by 1.6% at $12.47.
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