The loan, the largest government bailout for the American automaker since the 2009 financial crisis, aims to support Ford’s expansion into electric vehicles. The factories built by the BlueOval SK joint venture in Kentucky and Tennessee will align with Ford’s ambitious plan to produce up to 2 million electric vehicles by 2026. The estimated cost of the three factories and the adjacent Ford EV assembly plant is $11.4 billion.
In addition, domestically produced Ford electric vehicles will be able to benefit from significant incentives under the Inflation Reduction Act, which provides clean energy financing.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
