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Ford-SK venture to get $9.2 bln US loan for battery plants

June 22, 2023
Source: reuters.com reuters.com
News Snapshot:
WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky, the biggest-ever award from the government program. The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. SK is a unit of South Korea's SK Innovation (096770.KS). The joint venture is building two battery manufacturing plants in Kentucky and one in Tennessee capable of collectively...
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China Tech Buzz Topics: battery | Biden | California | car | CATL | CEO | Chinese | Congress | construction | credit | electric car | electric vehicle | energy | EV | finance | financial | financial crisis | joint venture | manufacturing | South Korea | supply chain | technology | Tesla | United States | Washington

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