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Sk On

All articles tagged with #sk on

automotive3 years ago•1 min saved

UAW Criticizes $9.5B Government Loan for Ford-SK JV Battery Production

The United Auto Workers (UAW) union’s President Shawn Fain criticized the US Department of Energy for offering a conditional commitment to provide a $9.2 billion loan to Ford and SK On’s BlueOval battery plant joint venture, stating that it would create 7,500 low-road jobs without considering wages, working conditions, union rights, or retirement security. The UAW president believes that Ford-SK’s loans would “enrich Ford shareholders” but shortchange communities and UAW members. The loan is expected to boost the legacy automaker’s battery manufacturing business in the United States and increase its electric vehicle output to 2 million units annually.

via TESLARATI|

#automotive #battery-plant #ford

business3 years ago•5 min saved

UAW President Criticizes Biden's $9.2B Loan to Ford-SK Battery Plants Aimed at China.

United Auto Workers President Shawn Fain criticized the $9.2 billion Department of Energy loan to Ford and South Korean battery maker SK On as an example of the federal government "actively funding the race to the bottom with billions in public money." The loan is the most significant direct government support for an auto company since the bailouts of General Motors Corp. and Chrysler Corp. during the Great Recession. The UAW is currently bargaining a contract with the JV for the Ultium Cells workers in northeast Ohio.

via Detroit News|

#business #doe-loan #evs

business3 years ago•2 min saved

Ford-SK Joint Venture Secures $9.2B US Loan for Battery Plants

The US Energy Department plans to lend up to $9.2bn to a joint venture of Ford Motor and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky. The low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. The plants will displace more than 455 million gallons of gasoline per year for the lifetime of the vehicles powered by the batteries they manufacture. The project is expected to create 5,000 construction jobs in Tennessee and Kentucky, and 7,500 operations jobs once the plants are up and running.

via Yahoo Finance|

#battery-plants #business #ev

automotive3 years ago•1 min saved

Ford F-150 Lightning fire caught on camera prompts production pause and recall.

A new video obtained by CNBC shows the fire that engulfed a set of Ford F-150 Lightnings in a holding lot earlier this year, leading to the suspension of production and recall of some vehicles. The cause of the fire was traced to a "rare" issue affecting the vehicle's battery, which is made by South Korean supplier SK On. Electric vehicle fires are notoriously difficult to put out and burn hotter and faster than traditional vehicle fires. Ford has since implemented quality actions and resumed production and shipping of vehicles to customers.

via The Verge|

#automotive #electric-vehicles #f-150-lightning