💸💰Ford Hits Jackpot: Lands a Cool $9.2B to Supercharge 🚗⚡ US EV Battery Production! 😲
TL;DR: 🚀 Ford Motor Company just scored the single largest loan in the Department of Energy’s history – a whopping $9.2 billion. This money ain’t for shopping sprees, though. Ford’s gonna put it to good use by building three spanking new EV battery factories. These factories are expected to crank out 129 GWh of battery cells each year. And just when you think it couldn’t get more exciting, these factories will also make Ford’s EV models eligible for billions in incentives from the Inflation Reduction Act (IRA). 😮💡
Ever felt the rush of hitting the lottery? 😵💫 Well, Ford Motor Company just experienced something like that…but a bit more, shall we say, electrifying? ⚡ Ford’s wallet is now bursting with an extra $9.2 billion, courtesy of the largest loan ever given by the Department of Energy’s Loan Program Office. Now, that’s some serious cheddar! 🧀💰
So, what’s Ford planning to do with all that green? Start a rap career? 🎤 Nope. They’re set to build three state-of-the-art EV battery factories. That’s right, three. Not one, not two, but three whole factories. 🏭🏭🏭 They aim to pump out 129 GWh of battery cells each year, powering their grand EV production plans.
Now, these aren’t just any ordinary factories. They’re part of Ford’s grand plan for its “largest, most advanced and efficient auto complex” known as BlueOval City, announced in 2021. Fancy, right? 🌃🔧 One factory is planned for a nearly 6-square-mile site in West Tennessee, while two others will be built at the new BlueOvalSK Battery Park in Central Kentucky.
But the fun doesn’t stop there! 🎢😎 Once these factories are up and running, Ford’s EV models, including the new electric truck codenamed “Project T3,” will qualify for billions in incentives from the Inflation Reduction Act (IRA). Remember that next time you’re taking a joyride in your Ford F-150 Lightning. 🚘⚡
Speaking of the Lightning, it’s currently the only Ford EV that qualifies for the full $7,500 tax credit. The Mustang Mach-E and E-Transit are in line for a cool $3,750. Not too shabby, eh? 💵👍
But here’s the zinger: all this money isn’t just about making shiny new EVs. The loan will help Ford “create 7,500 good American jobs,” according to BlueOval CEO Robert Rhee. 🏗️👷♀️👷🇺🇸 More importantly, it’s also a bold step towards the nation’s goal to slash GHG emissions in half by 2030.
But let’s not forget, this loan comes at a critical time for Ford. They’re knee-deep in their EV transition, with plans to build around two million EVs per year by 2026. And that’s compared to the 132,000 it churned out in 2022. Talk about ramping things up! 📈🔝
However, there’s always two sides to a coin. With this ambitious scaling plan, Ford expects its EV unit, the snazzily named “Model e”, to lose $3 billion this year. But don’t fret, Ford fans!