Marco Rubio seeks investigation into Ford’s (F) Chinese partnerships

Republican U.S. Senator Marco Rubio on Wednesday asked President Joe Biden’s administration to investigate Ford’s (NYSE: F) plan to partner with PT Vale Indonesia and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia.

Rubio is the top Republican on the Senate Intelligence Committee and believes that the venture threatens U.S. national security. He asked the Justice, State, Treasury, Commerce, Homeland Security departments as well as the Securities and Exchange Commission to investigate the plan.

Rubio's letter to Secretary of State Antony Blinken cited Huayou calling the project "one of the flagship projects under the Belt and Road Initiative" when Ford announced the deal in March.

Rubio said the Chinese Belt and Road Initiative is one of the primary mechanisms China "uses to spread its influence around the world and gain control of critical infrastructure and natural resources."

Rubio in March introduced legislation that took aim at Ford's deal to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan.

Rubio had already asked the Biden administration to review the deal to use technology from CATL.

Vale and Huayou began construction of the Indonesian plant in November and commercial operation are expected to begin in 2026.

Shares of F are up 0.72% in mid-day trading on Wednesday.

By Michael Elkins | [email protected]

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