{"id":1153475,"date":"2023-06-22T22:02:00","date_gmt":"2023-06-23T02:02:00","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1153475"},"modified":"2023-06-22T22:02:00","modified_gmt":"2023-06-23T02:02:00","slug":"ford-gets-9-2-billion-to-help-us-catch-up-with-chinas-ev-dominance","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1153475","title":{"rendered":"Ford Gets $9.2 Billion To Help US Catch Up With China&#039;s EV Dominance"},"content":{"rendered":"<p>The US government is providing a conditional $9.2 billion loan to Ford for the construction of three battery factories, the largest government backing for a US automaker since the 2009 financial crisis. &#8220;The enormous loan [&#8230;] marks a watershed moment for President Joe Biden&#8217;s aggressive industrial policy meant to help American manufacturers catch up to China in green technologies,&#8221; reports Bloomberg. From the report: The new factories that will eventually supply Ford&#8217;s expansion into electric vehicles are already under construction in Kentucky and Tennessee through a joint venture called BlueOval SK, owned by the Michigan automaker and South Korean battery giant SK On Co. Ford plans to make as many as 2 million EVs by 2026, a huge increase from the roughly 132,000 it produced last year. The three-factory buildout by BlueOval plus an adjacent Ford EV assembly unit have an estimated price tag of $11.4 billion. BlueOval was previously awarded subsidies by both state governments. That means taxpayers would be providing low-interest financing for almost all of the cost.<\/p>\n<p>Ford&#8217;s cars and SUVs made with domestic batteries will also be eligible for billions of dollars in incentives embedded in the Inflation Reduction Act&#8217;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.<\/p>\n<p>The rush of incentives, government lending and private-sector investment has led to a manufacturing boom in the wake of the IRA. 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. &#8220;Not since the advent of the auto industry 100 years ago have we seen an investment like that,&#8221; says Gary Silberg, KPMG&#8217;s global automotive sector leader.<\/p>\n<p \/>\n<div class=\"share_submission\" style=\"position:relative\">\n<a class=\"slashpop\" href=\"http:\/\/twitter.com\/home?status=Ford+Gets+%249.2+Billion+To+Help+US+Catch+Up+With+China's+EV+Dominance%3A+https%3A%2F%2Ftech.slashdot.org%2Fstory%2F23%2F06%2F22%2F2214216%2F%3Futm_source%3Dtwitter%26utm_medium%3Dtwitter\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/06\/twitter_icon_large-857.png\" \/><\/a><br \/>\n<a class=\"slashpop\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Ftech.slashdot.org%2Fstory%2F23%2F06%2F22%2F2214216%2Fford-gets-92-billion-to-help-us-catch-up-with-chinas-ev-dominance%3Futm_source%3Dslashdot%26utm_medium%3Dfacebook\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/06\/facebook_icon_large-430.png\" \/><\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/tech.slashdot.org\/story\/23\/06\/22\/2214216\/ford-gets-92-billion-to-help-us-catch-up-with-chinas-ev-dominance?utm_source=rss1.0moreanon&amp;utm_medium=feed\">Read more of this story<\/a> at Slashdot.<\/p>\n<p>&#013;<br \/>\n&#013;<br \/>\nSource: Slashdot &#8211; <a href=\"https:\/\/tech.slashdot.org\/story\/23\/06\/22\/2214216\/ford-gets-92-billion-to-help-us-catch-up-with-chinas-ev-dominance?utm_source=rss1.0mainlinkanon&amp;utm_medium=feed\" target=\"_blank\" rel=\"noopener\">Ford Gets .2 Billion To Help US Catch Up With China&#8217;s EV Dominance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US government is providing a conditional $9.2 billion loan to Ford for the construction of three battery factories, the largest government backing for a US automaker since the 2009 financial crisis. &#8220;The enormous loan [&#8230;] marks a watershed moment &hellip; <a href=\"https:\/\/www.prime-wow.com\/?p=1153475\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1153476,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[101,110],"tags":[100],"class_list":["post-1153475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-slashdot","category-unfiltered-rss","tag-slashdot"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1153475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1153475"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1153475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/media\/1153476"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1153475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1153475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1153475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}