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The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program.
WASHINGTON — The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor and South Korea’s SK On to help it build three
The Detroit-based carmaker just got a $9.2 billion DoE loan for the three EV battery plants
Ford’s electric vehicle (EV) business’ balance sheet is in dire need of balancing. The Dearborn, Michigan-based automaker is expecting to cut salaried jobs across its EV and gas-engine divisions, as well as its software unit, in the coming weeks, sources told the Wall Street Journal, which first reported on the new round of layoffs. The number of cuts is unknown. Quartz contacted Ford for comment.
Three BlueOval SK battery plants will employ 7500 people when they open in 2025.