Ford revs up electric vehicle production with $9.2 billion loan from Department of Energy

Ford and South Korean battery manufacturing partner SK On agreed to a $9.2 billion loan from the U.S. Department of Energy Thursday as part of the automobile giant’s initiative to ramp up electric vehicle production. The joint venture, called BlueOvalSK, will build three electric vehicle battery plants, an electric truck factory, and employ 7,500 people. The partnership is a product of the Biden administration’s $25 billion program to reduce American dependency on oil and lower carbon emissions.