A $9.2 billion loan to Ford’s electric vehicle division will go toward three battery manufacturing plants in the U.S., the Department of Energy announced.
The funds will go toward three manufacturing plants to produce batteries for Ford and Lincoln electric vehicles—the factories are already under construction, with one in Tennessee and two in Kentucky.its electric vehicle spending by $20 billion last year, announcing it planned to push its electric vehicle production to make up half of its total volume by 2030, with 2 million Ford EVs planned for 2026—compared with the roughly 132,000 it produced in 2022.
for electric vehicle sales behind Tesla. These numbers were led by Ford’s Mustang Mach-E model, which was the third best-selling U.S. EV in 2022.
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