Ford will receive $9.2 billion in government loans to help fund three EV battery factories in the US. The Energy Department program aims to support advanced manufacturing and EV production.
Ford will receive $9.2 billion as part of a conditional loan from the US Department of Energy to aid in the construction of three huge electric vehicle battery factories, the agency announced Thursday. The mammoth loan represents the biggest government offering to an automaker since the bailouts following the Great Recession of 2009.
Through a joint venture called BlueOvalSK, the two companies are aiming to build out enough capacity to supply 129 GWH of capacity each year, which would be enough to power 2 million EVs annually by 2026. In a statement, Ford said it welcomed the loan. “It’s going to help make great EVs available to more customers while powering thousands of good paying jobs and American manufacturing,” Dave Webb, Ford’s treasurer, said in a statement.
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