Ford received a conditional loan of $9.2 billion From the US Department of Energy to build three factories that will produce batteries for future Ford and Lincoln electric cars.
The Energy Department said the US automaker’s loan will help the US reach net zero electricity by 2035, and electric vehicles will account for half of all new car sales by 2030.
The loan will be made to BlueOval SK, or BOSK, which is a joint venture between Ford and SK On, a South Korean-based EV battery maker.
“The Department of Energy’s commitment to this project will advance battery manufacturing in the United States while reducing carbon emissions,” BlueOval SK CEO Dr. Robert Rey said in the current situation. “BlueOval SK and our parent company, Ford and SK On, are driving demand for batteries and the exciting vehicles they will power.”
Read more: How long does it take until the outage on an electric car?
BOSK is building one An EV battery plant in Tennessee and two in KentuckyBattery production is scheduled to begin in 2025.
Ford plans to produce 2 million electric cars annually globally by 2026.
If you’re looking to buy an electric car, you can read more about CNET’s picks for The best electric cars and electric vehicles for 2023Beside Every EV available in 2023, ranked by range And How almost any electric car can qualify for a $7,500 tax credit.
Read more: Toyota says its new battery will double the range of existing electric vehicles
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