Massive battery plants planned in Tennessee and Kentucky for Ford’s electric vehicles are on track to receive up to a $9.2 billion federal loan in what would be the biggest award under the U.S. Department of Energy’s loan program since President Joe Biden took office.
The money for construction would secure a sizable chunk of funding for Ford’s big electric vehicle swing in the two states.
Ford’s plans include two battery plants in Kentucky and one in Tennessee, each through a joint venture with battery partner SK On, of South Korea. Additionally, there will be a Ford assembly plant in Tennessee able to build up to 500,000 electric pickup trucks a year. The companies are planning an $11.4 billion investment in the projects.