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US to provide $9.2 billion to Ford to build EV battery plant, largest government investment in auto industry since 2009

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US to provide .2 billion to Ford to build EV battery plant, largest government investment in auto industry since 2009

The American automaker Ford has received more than $9 billion from the US authorities. The subsidy is provided for the construction of a plant where the production of batteries for electric vehicles will be launched.

What is known

The amount of the subsidy is $9.2 billion. It is worth noting that this is the largest state investment in the automotive industry over the past 14 years. The U.S. government hasn’t provided automakers with similar incentives since the 2009 recession.

The subsidy will be issued by the Department of Energy for the production of vehicles with advanced technologies (DOE’s Advanced Technology Vehicles Manufacturing). It was this organization that helped Tesla and gave impetus to the joint cooperation between LG Energe Solution and GM.

Ford previously announced plans to invest $11.4 billion with SK Innovation to build three battery factories. One site will appear in Tennessee, and two more in Kentucky. Production volumes will be enough to equip 2 million electric vehicles per year until 2026.

Source: The Verge





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