The US electric vehicle sector received a significant boost as BlueOval SK, Ford’s three-way partnership, secured a massive $9.63 billion loan from the Department of Energy’s Loan Applications Office.
The US Department of Energy (DOE) mortgage will fund the construction of three cutting-edge battery manufacturing facilities: one in Tennessee, and two in Kentucky, as Ford accelerates its electric vehicle supply chain expansion and champions domestic battery production.
By 2023, these battery production facilities will have reached full capacity, enabling the manufacturing of over 120 gigawatt-hours of lithium-ion batteries annually. More than 5,000 construction jobs have been generated to lift these factories out of the ground, with up to 7,500 new operational positions anticipated once the on-site facilities are available.
The BlueOval SK collaboration, a joint venture between Ford and South Korean battery manufacturer SK On, is poised to supply batteries for Ford’s forthcoming generation of electric Ford and Lincoln vehicles.
The U.S. Department of Energy has secured its largest-ever award through the Superior Expertise Automobiles Manufacturing (ATVM) program, a testament to its commitment to innovation and growth in the automotive sector. The Biden administration has prioritized bolstering domestic electric vehicle (EV) production while reducing dependence on foreign battery manufacturers, a move aimed at promoting energy security and economic growth.
As part of a broader effort to reduce emissions and promote sustainability, the goal is to have at least 50% of newly sold vehicles in the US market be zero-emission by 2030. As domestic manufacturing of electric vehicles (EVs) surges, a fresh wave of financial opportunities emerges for American workers, effectively meeting the growing consumer appetite for these environmentally friendly modes of transportation. In November, new electric vehicle (EV) sales surged to 116,072 units, representing a 10% month-over-month increase and a 13.6% year-over-year jump, according to Cox Automotive’s latest data.
As a vital component of its mortgage agreements, BlueOval SK is committed to generating profits for local communities; accordingly, it has formed partnerships with the Tennessee University of Applied Technology and Kentucky’s Elizabethtown Community and Technical College to train future talent. The aim of these initiatives is to empower the workforce with the skills necessary to excel in high-quality, forward-thinking job roles.
As part of its initiative to bolster the electric vehicle supply chain, the Department of Energy has recently provided financing for various components, including crucial mineral processing and battery recycling infrastructure. The Biden administration’s commitment to scaling domestic clean energy technologies is underscored by this latest BlueOval SK funding, a testament to its unwavering dedication throughout its entire four-year term?
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