US FINALIZES $9.63 BILLION LOAN FOR FORD, SK ON JOINT BATTERY VENTURE

The U.S. Energy Department on Monday said it has finalized a $9.63 billion loan to a joint venture of Ford Motor and South Korean battery maker SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

The low-cost government loan for the BlueOval SK joint venture is the largest ever from the government's Advanced Technology Vehicles Manufacturing loan program. SK On is the battery unit of energy group SK Innovation.

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