Ford receiving $9.2 billion federal loan to build 3 EV factories

[Electric Rivilution]

Ford Gets $9.2 Billion for EV Battery Plant in Biden Green Tech Push (bloomberg.com)

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[DuoRivians]

Wish Rivian had access to some of that capital. Perhaps it’s only available for battery production…

 

[Autolycus]

Wish Rivian had access to some of that capital. Perhaps it’s only available for battery production…

Not just for battery production. Ford is getting the money for 3 plants, which will include a vehicle plant. From another article, it's specifically part of the LPO's Advanced Technology Vehicles Manufacturing Loan Program. Rivian might be eligible for that. They may or may not have applied for loans under that program. It's also worth noting that LPO's award is technically contingent on Ford meeting certain conditions. I don't know what those conditions are or how easy they might be to meet.

https://www.greencarcongress.com/2023/06/20230622-lpo.html

The announcement is one of several recent LPO conditional commitments under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program in the last year, demonstrating LPO’s leadership in building a strong domestic supply chain for EVs.

Through ATVM, LPO provides loans to projects related to fuel-efficient vehicles and eligible component manufacturing in the United States. Recent announcements have spanned the critical mineral and battery supply chains and involved mineral processing, battery manufacturing, and battery recycling.

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