Ford Gets $9.2B Department of Energy Loan to Build 3 EV Battery Plants

Ford has obtained a conditional $9.2 billion mortgage from the US Division of Vitality to assemble three crops that can produce batteries for future Ford and Lincoln electrical autos. 

The mortgage for the American automotive producer will assist the US attain internet zero electrical energy by 2035, and have EVs make up half of all new automotive gross sales by 2030, the Vitality Division stated.

The mortgage might be supplied to BlueOval SK, or BOSK, a three way partnership between Ford and SK On, a South Korean-based EV battery producer. 

“The DOE’s dedication to this challenge will strengthen battery manufacturing within the US whereas lowering carbon emissions,” BlueOval SK CEO Dr. Robert Rhee stated in an announcement. “BlueOval SK and our guardian firms, Ford and SK On, are increasing demand for batteries and the thrilling autos they’ll energy.”

Learn extra: How Lengthy Does It Take to Break Even on an Electrical Automobile?

BOSK is constructing one EV battery plant in Tennessee and two in Kentucky, with battery manufacturing scheduled to start in 2025.

Ford intends to provide 2 million EVs yearly globally by 2026.

In the event you’re trying into shopping for an EV, you may learn extra about CNET’s picks for the finest electrical vehicles and EVs for 2023, in addition to each EV out there in 2023, ranked by vary and how virtually any electrical car can qualify for the $7,500 EV tax credit score.

Learn extra: Toyota Says Its New Battery Will Double the Vary of Present EVs

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