President Joe Biden’s administration is loaning Ford and its battery manufacturing partner billions of dollars to help build three electric vehicle battery plants as officials discuss Thursday how the president’s green energy agenda is hurting Americans.
In their statement, Chair Cathy McMorris Rodgers and Environment, Manufacturing, and Critical Materials Subcommittee Chair Bill Johnson explained that “people are struggling to afford some of the highest energy and auto prices in decades as a result of Biden’s energy and inflation crisis.” The outlet also noted it is the biggest government loan for an American automaker “since the 2009 financial crisis and subsequent bailout of the auto industry.”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.
The report said Ford was planning to spend the money on constructing plants in Tennessee and Kentucky while also hiring 11,000 workers:in March its electric vehicle unit called “Ford Model e” is bleeding billions of dollars and is expected to lose more this year, according to Breitbart News.
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