approved in August also creates a new $45-per-kilowatt battery production tax credit.
In October, Ford CEO Jim Farley said that from 2023 to 2026, "we estimate a combined available tax credit for Ford and our battery partners could total more than $7 billion." Last year, the department awarded a joint venture of General Motors and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities. Reuters contributed to this report.
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