Kentucky’s state incentives package for the project includes a $250 million loan. Ford and its battery partner have invested $5.8 billion in the Kentucky project. The venture will employ 5,000 people to produce batteries for future Ford and Lincoln electric vehicles. Production is also scheduled to start in 2025 at the two battery manufacturing plants being built in Glendale, Kentucky. The agreement included $500 million in capital grant funds. Tennessee lawmakers have committed to spending nearly $900 million on state incentives, infrastructure upgrades and more as part of a sweeping plan with Ford. Ford plans to start production by 2025.īefore landing the Ford project, Tennessee had invested more than $174 million in the unused megasite outside of Memphis where the plants are being built. The department's loan office said it “works with all borrowers to create good-paying jobs with strong labor standards during construction, operations, and throughout the life of the loan and to adhere to a strong Community Benefits Plan.”įord has said its assembly plant and the battery plant in rural Stanton, Tennessee, will employ about 6,000 people with an investment of roughly $5.6 billion. through the Department of Energy to create 7,500 low-road jobs with no consideration for wages, working conditions, union rights or retirement security.” However, the announcement drew sharp criticism from the United Auto Workers union, which called it “a massive $9.2 billion giveaway loan to Ford Motor Co. “BlueOval SK will use this loan to its fullest as we create 7,500 good American jobs, strengthen critical domestic supply chains, and produce high-quality batteries for future Ford and Lincoln electric vehicles here in Tennessee and Kentucky.” “We’re thrilled the Department of Energy joins BlueOval SK in our vision to electrify the future of mobility,” Robert Rhee, BlueOval SK's CEO, said in a statement to media outlets. The company - named BlueOval SK under the joint venture - must meet milestones before the deal is finalized.
The loan would come through the Advanced Technology Vehicles Manufacturing Loan Program.
The three battery plants combined are expected to create 5,000 construction jobs, as well as 7,500 operations jobs once the plants are up and running, the Energy Department said in its announcement Wednesday. The companies are planning an $11.4 billion investment in the projects. Additionally, there will be a Ford assembly plant in Tennessee able to build up to 500,000 electric pickup trucks a year. Ford’s plans include two battery plants in Kentucky and one in Tennessee, each through a joint venture with battery partner SK On, of South Korea.
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