It’s the biggest government investment since the 2009 bailouts.
, the electric vehicle battery recycling and manufacturing venture founded by the former chief technologist at Tesla.
The loans are part of a broader effort by the Biden administration to boost EV manufacturing as it races to catch up with China, which controls around three-quarters of battery production globally. It’s also an important piece of the White House’s plan to promote clean energy amid the deepening climate crisis.Tailpipe emissions from passenger and commercial vehicles account for roughly a third of all greenhouse gases and are a huge contributor to climate change.
Ford has said it would spend $11.4 billion, along with South Korean battery manufacturer SK Innovation, to build three battery plants — two in Kentucky and one in Tennessee. Through a joint venture called BlueOvalSK, the two companies are aiming to build out enough capacity to supplyThe ATVM program was created by Congress under the administration of former President George W.
In fact, so has Ford. In 2009, at the height of the recession, the company received $5.9 billion to renovate factories across the country and improve its vehicles’ energy efficiency. Part of the plan included retrofitting its factories to make more fuel-efficient compact cars rather than big gas guzzlers.to get the debt off its balance sheet. Documents filed by Ford show the company owed payments of $591 million in 2020, $591 million in 2021, and $289 million in 2022.
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