Ford secures $9.2 billion loan from US Department of Energy to build EV battery factories
The loan is the biggest the LPO has given out yet — almost four times the size of last year's— a joint venture between General Motors and LG. The loan's scale is thanks, in part, to last year's passage of the Inflation Reduction Act, which led to the LPO's lending budget increasing to $400 billion. For context, in the previous 14 years, the LPO has dispersed about $33 billion.
There will be two plants in Kentucky and one in Tennessee, with all three producing batteries for Ford and Lincoln's upcoming EV. The car manufacturer also announced plans for aearlier this year. The production ramp-up comes as Ford aims to roll out two million EVs by 2026, with the All-Electric Explorer, Mustang Mach-E and E-Transit already available and an EV lineup in the works for Lincoln. In comparison, Ford produced about 132,000 EVs in 2022.
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