Breaking News: Ford Motor Co has secured a massive $10 Billion government grant to build battery factories for it’s electric vehicle fleet.
Reports said the US Energy Department loan had been secured by Ford, around US$9.2 Billion that will power battery manufacturing.
The cash injection will fund three massive battery factories in the United States, Bloomberg reported.
Ford will need significant raw materials supply chains as part of the process, with lithium, cobalt and nickel expected to be in short supply.
BREAKING: Ford is getting $9.2 billion to develop three EV battery factories. The loans are a watershed moment in the US race to catch up with China on green tech.— Bloomberg (@business) June 22, 2023
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Ford’s cars and SUVs made with domestic batteries will also be eligible for billions of dollars in incentives embedded in the Inflation Reduction Act’s $370 billion in clean-energy funding, part of the historic climate measure narrowly passed into law about a year ago. The US government will subsidize manufacturing of batteries, and buyers could qualify for additional tax rebates of up to $7,500 per vehicle.
More than 100 battery and electric-vehicle production projects are announced or already under construction in the US, representing about $200 billion in total investments.
“Not since the advent of the auto industry 100 years ago have we seen an investment like that,” says Gary Silberg, KPMG’s global automotive sector leader.