The US will provide a record loan for the construction of battery factories.
The U.S. Energy Department will grant a $9.63 billion loan to a partnership of Ford Motor and the South Korean battery manufacturer SK On to fund the establishment of three novel battery production facilities across Tennessee and Kentucky.
This credit line for the BlueOval SK collaboration represents the largest ever offered by the state initiative dedicated to financing cutting-edge automotive manufacturing technologies.
The choice to award the loan constitutes a component of the Biden administration's endeavor to foster electric vehicle manufacturing. Former President Donald Trump and his consultants have voiced disapproval of the Biden administration's initiatives aimed at promoting electric vehicle output.
BlueOval SK has already committed upwards of $11 billion toward the development of these three plants, with plans to commence manufacturing at the Kentucky and Tennessee locations in 2025.
