Ford-SK Battery Joint Venture Secures Record $9.2B Government Loan for EV Batteries
TL;DR Summary
The US Department of Energy is set to provide a $9.2 billion loan to Ford's joint venture, BlueOval SK, to finance the construction of three EV battery plants in Kentucky and Tennessee. The plants are expected to produce 129GW of battery cells per year, contributing to Ford's plan to produce 2 million EVs per year by 2026. The loan will create 7,500 American jobs and is part of a larger effort to spur clean energy projects.
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