Ford Gets $9.2 Billion Government Loan for EV Battery Plants Expansion

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The Department of Energy (DOE) approved a $9.2 billion loan for Ford and its battery manufacturing partner to build three electric vehicle battery plants in Tennessee and Kentucky. This move aims to boost domestic battery production and compete with China. The loan, granted by the DOE’s Loan Programs Office, is the largest government loan to a U.S. automaker since the 2009 financial crisis. The Biden administration seeks to expand the electric vehicle and battery manufacturing industry to achieve its goal of having 50% of new cars sold in the U.S. be electric by 2030. The new plants will generate thousands of jobs.