Auto union blasts Biden administration $9 billion loan to Ford battery venture

The largest U.S. auto union on Friday sharply criticized the Department of Energy’s conditional $9.2 billion loan to Ford and its manufacturing partner SK On to build three electric vehicle battery plants, accusing the Biden administration of “actively funding the race to the bottom” in approving the funds.

The massive cash infusion will help fund three new EV battery manufacturing facilities in Tennessee and Kentucky operated by the joint venture BlueOval SK. The Biden administration has raced to build out the electric vehicle and battery manufacturing supply chain in a bid to compete against China and deliver on its goal of having 50% of all new cars sold in the United States be electric vehicles by the year 2030. EVs currently account for roughly 7% of all cars sold in the U.S.

Through the Inflation Reduction Act, the Loan Programs Office was tasked with overseeing the distribution of roughly $400 billion in new loans.

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UAW rips Biden administration on US loan to Ford joint venture battery plantUnited Auto Workers (UAW) union President Shawn Fain on Friday harshly criticized the U.S. Energy Department plan to lend $9.2 billion to a joint venture of Ford Motor and South Korea's SK On to build three U.S. battery plants.
Source: Reuters - 🏆 2. / 97 Read more »

Biden hands record $9.2 billion loan to Ford joint venture'Why should the federal government be the lender of first resort to boost the profit of a major Korean company and a major U.S. company? Because the cars they are subsidizing are plug-in electrics.' -TPCarney
Source: dcexaminer - 🏆 6. / 94 Read more »