Biden Administration Loans Ford $9.2 Billion to Build US-Based EV Battery Plants

The Biden administration announced a $9.2 billion loan to Ford Motor Company and its partner SK On to build three electric vehicle battery plants in Kentucky and Tennessee.
The massive loan is aimed at helping the US gain ground in the race with China to lead in green technologies and electric vehicle manufacturing.
The three battery plants will employ 7,500 workers and reduce US dependence on foreign oil by displacing over 455 million gallons of gas annually.
The loan is the largest in the Energy Department's Advanced Technology Vehicles Manufacturing program that previously aided Tesla and General Motors.
Ford plans to build two million electric vehicles annually by 2026 and close the gap with Tesla, the leading US electric vehicle maker.