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The UAW said that 8,700 union members at Ford's Kentucky truck plant went on strike after the union said the No. [1/4]United Auto Workers (UAW) members strike outside of Ford's Kentucky Truck Plant in Louisville, Kentucky, U.S. October 11, 2023. Even with Wednesday's walkout, only about 22% of the 150,000 UAW workers at the Detroit Three automakers are on strike. The walkout in Kentucky will put stress on Ford UAW members beyond the sprawling factory near Louisville. Workers at a dozen other Ford plants that supply engines, transmissions and other components to the plant could be furloughed.

Persons: Shawn Fain's, Fain, Ford, leadership's, UAW bargainers, Harley Shaiken, Shaiken, Wednesday's Ford, walkouts, David Shepardson, Joe White, Abhirup Roy, Heekyong Yang, Peter Henderson, Sayantani Ghosh, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three automakers, UAW, Ford, Duty, Lincoln Navigator, Ford Expedition, Kentucky, Detroit, Motors, Chrysler, Plant, Handout, Detroit Three, Ford UAW, Workers, University of California, GM, Stellantis, BlueOval SK, South Korea's SK, Thomson Locations: Ford's Kentucky, U.S, Kentucky, Arlington , Texas, Stellantis, Sterling Heights, Warren , Michigan, Detroit, Ford's, Louisville , Kentucky, Louisville, Berkeley, South, Tennessee, Washington, San Francisco, Bengaluru, Seoul

☆ UAW rips Biden administration on US loan to Ford joint venture battery plant
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The $9.2 billion low-cost government loan for the BlueOval SK joint venture is the biggest ever from the government auto lending program that will help finance construction of three plants in Kentucky and Tennessee. The joint venture is building battery plants in Kentucky and Tennessee. The UAW and Senator Bernie Sanders in April criticized a General Motors (GM.N)/LG Energy Solution (373220.KS) joint venture battery plant for paying workers much less than GM assembly plant employees even though it benefits from hefty U.S. government tax credits. Union workers at a nearby Ohio GM assembly plant that closed in 2019 made at least $32 an hour. The Energy Department last year awarded $2.5 billion to help finance construction of Ultium's new lithium-ion battery plants, including Warren, from the same program used for the Ford loan.

Persons: Francois Lenoir, Shawn Fain, Fain, Joe Biden’s, Ford, Biden, Bernie Sanders, Warren, David Shepardson, Aurora Ellis, Mark Porter Organizations: Ford, REUTERS, United Auto Workers, UAW, U.S . Energy Department, Ford Motor, Korea's SK, JV, Detroit Three automakers, BlueOval SK, SK, South Korea's SK Innovation, Motors, LG Energy, JV Ultium, Ohio GM, The Energy Department, Thomson Locations: Brussels, Belgium, Francois Lenoir WASHINGTON, Kentucky, Tennessee, South, America, Warren , Ohio, Ohio

☆ Biden is lending billions to Ford to help America win the EV race with China
▼ + stars: | 2023-06-23 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The US is lending Ford $9.2 billion to build battery plants in Tennessee and Kentucky. It's also three times the loan extended to General Motors for battery plants last year. The US government is lending $9.2 billion to Ford for three battery plants in a sign of the Biden administration's desire for America to become a leading EV player. The loan is more than three times the amount handed out last year to General Motors to build three battery factories. The loan is the latest step by the White House to on-shore production of crucial EV components amid rising geopolitical tensions, particularly with China.

Persons: It's, Biden, Obama, EVs, Ford's, Darren Palmer Organizations: Ford, Loan, General Motors, Energy's, SK, The Energy Department, Tesla, EV, White, P, EVs, Ford's EV Locations: Tennessee, Kentucky, America, Korean, China, Chinese

☆ Ford-SK venture to get $9.2 billion US loan for battery plants
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. The joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually, the Energy Department said. This is the sixth loan for battery supply chain projects from the ATVM program. Last year, the department awarded a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.

Persons: Jigar Shah, Dave Webb, Robert Rhee, Ford, Jim Farley, Tesla, David Shepardson, Toby Chopra, David Evans, Alexander Smith Organizations: U.S . Energy Department, Ford Motor, Korea's SK, BlueOval SK, Technology Vehicles Manufacturing, SK, South Korea's SK Innovation, Energy Department, Energy, Ford, Lincoln, Republican, Republicans, Biden, General Motors, LG Energy, Ultium Cells, Thomson Locations: Tennessee, Kentucky, South, United States, KS, Ohio , Tennessee, Michigan, Fremont , California

☆ Ford’s Battery Joint Venture to Get $9.2 Billion Government Loan
▼ + stars: | 2023-06-22 | by ( Jack Ewing | Clifford Krauss | ) www.nytimes.com time to read: +1 min

Ford Motor and its battery manufacturing partner will receive a $9.2 billion loan to build three battery factories in Kentucky and Tennessee, the Department of Energy said Thursday. The loan is the single biggest financial commitment the Biden administration has made in its effort to build an electric vehicle manufacturing network in the United States. The loan will go to a joint venture created by Ford and its partner SK On called BlueOval SK that will supply batteries for electric Ford and Lincoln cars and trucks. By helping to finance battery factories, the administration hopes to ensure that the United States does not become dependent on China for batteries and their components. The other two factories are in Glendale, Ky., south of Louisville, and will employ more people than Kentucky’s coal industry.

Persons: Biden Organizations: Ford Motor, Department of Energy, Ford, SK, BlueOval SK, Lincoln Locations: Kentucky, Tennessee, United States, Southern, China, Stanton, Tenn, Memphis, Glendale, Ky, Louisville

☆ Ford agrees to $9.2 billion US government loan
▼ + stars: | 2023-06-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

Ford and SK’s joint venture, BlueOval SK, would use the funds to build three electric vehicle battery plants, two in Kentucky and one in Tennessee. Also, the loan amount is up to $9.2 billion, but Ford could use less than that. The loan would be part of the DoE’s Advanced Technology Vehicles Manufacturing Loan Program, a $25 billion program to reduce US dependence on oil and reduce carbon emissions. Ford previously took out a $5.9 billion loan under the program in 2009. General Motors agreed to a $2.5 billion loan under the program last year.

Persons: New York CNN —, Joe Biden’s, Ford, DoE, General Motors Organizations: New, New York CNN, New York CNN — Ford, SK, US Department of Energy, BlueOval SK, Ford, Department of Energy, Technology Vehicles Manufacturing, General Locations: New York, United States, Kentucky, Tennessee

But just when it looked as though the incentive monster was being cut down to size, the CHIPS Act and the Inflation Reduction Act are threatening to give it an enormous infusion of steroids. The CHIPS Act, at least, requires companies to do some good in return. In February, Ford agreed to build its new electric vehicle plant in Michigan, but only after extracting a promise of as much $1.75 billion in state and local incentives. To limit the damage to state and local budgets and ensure meaningful community impacts, there are a few things we can do. First, Congress should consider amending the U.S. CHIPS Act to ensure that there are no requirements that projects receive any state or local funding in order to obtain federal dollars.

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