NASHVILLE, TENNESSEE (AP) – Massive battery facilities planned for Ford’s electric vehicles in Tennessee and Kentucky are on track to win up to a $9.2 billion federal loan, the largest grant under the US Department of Energy’s loan programme since President Joe Biden took office.
The building funds would secure a major portion of funding for Ford’s large electric vehicle programme in both states.
Ford is to build two battery plants in Kentucky and one in Tennessee, each through a joint venture with South Korean battery partner SK On. In addition, a Ford assembly factory in Tennessee will be able to produce up to 500,000 electric pickup vehicles per year. The corporations intend to invest $11.4 billion in the projects.
The three battery factories would create 5,000 construction employees and 7,500 operations jobs once operational, according to the Energy Department’s announcement on Wednesday.
The funding would be provided by the Advanced Technology Vehicles Manufacturing Loan Programme. BlueOval SK, the joint venture’s name, must satisfy certain benchmarks before the deal is finalised.
