The US government is lending $9.2 billion to Ford for three battery plants in a sign of the Biden administration’s desire for America to become a leading EV player.
The Department of Energy’s Loan Program Office announced Thursday it was financing the BlueOval SK joint venture involving Ford and South Korean battery manufacturer SK On for one factory in Tennessee and two in Kentucky.
The loan for the factories, which are already under construction, is the biggest handed out to a carmaker since the $80 billion bailout loans of 2009, and is the latest step in the US’s drive for energy security amid rising tension with China.
The Energy Department said the two factories would create 5,000 construction jobs and eventually employ about 7,500 people.
It said the factories would produce 120 gigawatt hours of battery capacity annually and displace 455 million gallons of gasoline a year over the lifetime of the vehicles using the …