: Ford JV to get $9.2 billion loan from DOE to build EV battery plants in Tennessee and Kentucky, WSJ reports

Ford Motor Co.’s F joint venture with South Korea-based SK Inc.’s KR:034730 SK On is set to receive a record $9.2 billion loan from the U.S. Department of Energy to help build plants in Tennessee and Kentucky that make batteries for electric vehicles (EVs), according to a report in The Wall Street Journal on Thursday. The loan dwarfs the $2.5 billion loan deal for battery production reached last year by the joint venture between rival automaker General Motors Co. GM and LG Energy Solution Ltd. KR:373220. The loan for Ford’s JV would be for building two battery plants in Kentucky and one plant in Tennessee, the WSJ report said. Ford’s stock fell 0.9% in premarket trading and GM shares shed 0.8%, while futures ES00 for the S&P 500 SPX lost 0.3%.

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