Ford and SK On secure $9.63 billion loan to build 3 EV battery plants, creating jobs.

From Nasdaq: 2024-12-18 09:50:00

Ford Motor Company and SK On Ltd. secure a $9.63 billion loan from the U.S. Energy Department to build three EV battery plants, creating 7,500 jobs. The loan supports 120 gigawatt hours of battery capacity in Tennessee and Kentucky. This aligns with the goal of making half of all U.S. vehicles zero-emission by 2030.

The loan, initially estimated at $9.2 billion, was revised due to inflation-driven cost increases. The Energy Department praised the loan as a step towards reshoring manufacturing and reducing reliance on Chinese supply chains. Ford and other automakers face challenges with EV adoption, including delayed launches and consumer reluctance to embrace higher-priced vehicles.

BlueOval SK has invested over $11 billion in construction and workforce development for the three facilities. The first plant in Kentucky will start production in early 2025, followed by the Tennessee plant later that year. Earlier, the Energy Department issued loans to StarPlus Energy, Rivian, and a GM and LG Energy Solution joint venture for battery plants.

The demand for electricity is growing rapidly, prompting a transition to nuclear energy. Leaders from 22 countries plan to triple the world’s nuclear energy capacities. Investors can benefit from nuclear-related stocks. A report, “Atomic Opportunity: Nuclear Energy’s Comeback,” explores key players and technologies driving this opportunity, including three standout stocks.

To capitalize on the nuclear energy boom, investors can download the free report, “Atomic Opportunity: Nuclear Energy’s Comeback.” This aggressive transition to nuclear energy could lead to significant profits for investors who get in early. Leaders from the US and 21 other countries are committed to tripling the world’s nuclear energy capacities, creating a lucrative opportunity for savvy investors.



Read more at Nasdaq: Ford and SK On Secure $9.63B Loan to Setup 3 Battery Plants