Ford and SK On Secure Record $9.63 Billion Loan for EV Battery Plants

The U.S. Department of Energy finalizes its largest-ever loan to fund three battery manufacturing facilities in Kentucky and Tennessee.

The $9.63 billion loan is part of the DOE’s Advanced Technology Vehicles Manufacturing program and exceeds the $9.2 billion conditional commitment announced in June 2023.
The loan supports the BlueOval SK joint venture between Ford and South Korea’s SK On, aiming to produce over 120 gigawatt hours of batteries annually.
Construction of three plants—two in Kentucky and one in Tennessee—has already seen an $11 billion investment, with production expected to begin in 2025.
This funding reflects the Biden administration's efforts to bolster U.S. EV manufacturing against global competition, particularly from China, ahead of President-elect Donald Trump’s administration, which has criticized such initiatives.
The DOE has also announced plans for additional loans, including $7.54 billion for Stellantis and Samsung SDI in Indiana and $6.6 billion for Rivian in Georgia, as part of its broader EV industry support strategy.