US Energy Department To Loan $9.2B To Ford, SK JV To Set Up Battery Plants
Portfolio Pulse from Shivani Kumaresan
The US Energy Department plans to loan $9.2 billion to Ford Motor Co (NYSE:F) and South Korean battery maker SK On's joint venture to build battery plants in Tennessee and Kentucky. The loan is part of the government's Advanced Technology Vehicles Manufacturing (ATVM) program.
June 22, 2023 | 3:25 pm
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Ford Motor Co (NYSE:F) will receive a $9.2 billion loan from the US Energy Department to build battery plants in partnership with SK On, potentially boosting its electric vehicle production.
The loan will help Ford and SK On build three battery manufacturing facilities, increasing their capacity to produce electric vehicle batteries. This will likely have a positive impact on Ford's stock price as it shows government support and commitment to expanding their EV production.
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