It's the largest US government loan to an automaker since the infamous bailouts of 2009 car auto cars
of $9.2 billion dollars from the US Government is conditional and will help the automaker build three new battery plants. Ford’s BlueOval SK, a joint venture between the automaker and South Korean battery giant SK On Co, is the direct beneficiary. All three facilities are already under construction.
The loan comes from the Department of Energy and more specifically out of a program designed to help the US catch up to China in terms oftechnology. Last year, Ford increased spending on electric vehicles by about $20 billion. The three factories that will see cash from this loan are said to cost around $11.4 billion.
These investments are part of Ford’s plan to increase EV production to the point that it makes up half of its total volume by 2030. Last year it built almost 135,000 EVs but hopes to reach up to 2 million per year by 2026. That’s a huge jump and adding these three battery plants will enable it to scale more quickly.The move comes at a time when a huge number of electric vehicle announcements are making waves.
While we’ll have to wait to see if Ford can meet its production goals in the long term, the chances that it succeeds look a lot better after this news. Maybe
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