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GM and Ford expand into U.S. defense and energy storage sectors, seeking new growth areas beyond traditional auto sales
General Motors and Ford are diversifying their businesses by pursuing U.S. military contracts and entering the energy storage system (ESS) market. Ford joined GM this year in seeking defense contracts, while both companies are developing ESS solutions, leveraging technology similar to EV batteries. The global ESS market is projected to grow from $668.7 billion in 2024 to $5.12 trillion by 2034. Ford plans to invest $2 billion to launch an energy business, converting a Kentucky battery factory for ESS production by late 2027. GM's defense revenue is expected to reach nearly $700 million in 2026, with the company also exploring next-generation sodium-ion batteries for grid-scale storage.
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