Ford Secures Record-Breaking Loan to Fuel Ambitious Ventures
The U.S. Department of Energy (DOE) has granted Ford a $9.2 billion loan to build three electric vehicle (EV) factories, significantly increasing the company's capacity for producing non-gasoline vehicles. Ford aims to make EVs more affordable and plans to partner with South Korean manufacturer SK Innovation to create enough battery capacity for two million EVs annually by 2026. The loan comes at a crucial time as experts predict the need for 10 million EVs on U.S. roads by 2025 to mitigate the effects of climate change caused by polluting gases from traditional vehicles. Transitioning to EVs also reduces the use of toxic liquids and improves air quality.