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It would be the biggest award under the program since President Biden took office.

WASHINGTON: The US Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor and South...

Massive battery plants planned in Tennessee and Kentucky for Ford's electric vehicles are on track to receive up to a $9.2 billion federal loan in what

Ford is on track to receive the largest award under the US Department of Energys loan programme since President Joe Biden took office. The up to USD 9.2bn federal loan will fund the construction of enormous battery plants in Tennessee and Kentucky for Fords incoming electric vehicle range. The project is in a joint venture with SK On, a South Korean battery manufacturer.

The conditional loan will help Ford reach its goal to produce 2 million EVs annually by 2026.

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Tennessee, Kentucky battery plants for Ford electric vehicles on track for $9.2B federal loan | 2023-06-24 08:09:45

NASHVILLE, Tennessee (AP) – Massive battery plants planned in Tennessee and Kentucky for Ford’s electric vehicles are on track to receive up to a USD9.2 billion federal loan in what would be the biggest award under the US Department of Energy’s loan program since President Joe Biden took office. The money for construction would secure […]

The US Energy Department announced a low-cost government loan of up to $9.2bn to BlueOval SK, a joint venture between Ford Motor and South Koreas SK On, to fund the construction of three battery plants in Tennessee and Kentucky. The joint venture is building two battery manufacturing plants in Kentucky and one in Tennessee, which are capable of collectively producing over 120 GWh each year, the Energy Department said.

Ford plans to produce 2 million EVs annually by 2026.