Science and Technology Science and Technology

US finalizes $9.63 billion loan for Ford, SK On joint battery venture


Published on 2024-12-16 08:20:47 - Reuters
  Print publication without navigation

  • The U.S. Energy Department on Monday said it has finalized a $9.63 billion loan to a joint venture of Ford Motor and South Korean battery maker SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

The U.S. Department of Energy has finalized a $9.63 billion loan to BlueOval SK, a joint venture between Ford Motor and SK On, to build three new battery manufacturing plants in Tennessee and Kentucky. This loan, part of the Biden administration's push to boost domestic electric vehicle (EV) production, aims to support the production of batteries for approximately 2.5 million electric vehicles. The facilities are expected to create around 5,000 construction jobs and 7,500 operations jobs. The loan is facilitated under the Advanced Technology Vehicles Manufacturing (ATVM) program, which provides low-cost financing for projects that increase fuel efficiency and reduce emissions. The plants are set to start production in 2025, with the goal of making Ford the second-largest EV producer in North America by 2026.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/us-finalizes-963-billion-loan-ford-sk-joint-battery-venture-2024-12-16/ ]