Ford and SK On Secure $9.63B Loan to Setup 3 Battery Plants [Yahoo! Finance]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: Yahoo! Finance
Energy Department to construct three advanced electric vehicle (EV) battery plants in Tennessee and Kentucky. This loan, the largest ever issued by the department's Advanced Technology Vehicles Manufacturing Program, will support the development of 120 gigawatt hours of battery capacity and create 7,500 jobs across the BlueOval SK LLC facilities. Mallory Cooke, BlueOval SK spokesperson, initially estimated at $9.2 billion, the loan amount was revised upward due to inflation-driven cost increases. The finalization process, which began in June 2023, required extensive due diligence, including evaluations of technical, market, financial and regulatory factors. While repayment terms remain confidential, the loan's interest rate aligns with the U.S. Treasury-equivalent yields, with no added credit spread. The Energy Department hailed the loan as a significant step toward reshoring manufacturing, reducing reliance on Chinese supply chains and achieving the Biden administration's goal of
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F
Earnings
- 10/28/24 - Miss
F
Sec Filings
- 12/16/24 - Form 8-K
- 12/13/24 - Form 4
- 12/4/24 - Form 4
- F's page on the SEC website