The largest US auto union criticized Energy’s conditional $9.2 billion loan to Ford and its manufacturing partner to build three EV battery plants, accusing the Biden administration of “actively funding the race to the bottom” in approving the funds.
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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