Ford receives $9.2 billion government loan for EV battery factory projects
Ford will receive $9.2 billion as part of a conditional loan from the US Department of Energy to aid in the construction of three huge electric vehicle battery factories, the agency announced Thursday. The mammoth loan represents the biggest government offering to an automaker since the bailouts following the Great Recession of 2009.
The loan originates from the DOE’s Advanced Technology Vehicles Manufacturing (AVTM) program, which famously helped put Tesla on the map and more recently provided a boost for a joint venture of General Motors and LG Energy Solution to help fund the construction of a new lithium-ion battery manufacturing facility. Another recent recipient was Redwood Materials, the electric vehicle battery recycling and...