Posted on 07/22/2023 2:50:24 PM PDT by dennisw
U.S. Department of Energy (DOE) announced it will be giving Ford $9.2 billion loan to build electric vehicle (EV) factories.
Ford will be using this loan to build three separate factories, will substantially increase the American car manufacturer’s capacity for building vehicles that do not rely on gas.
“Not since the advent of the auto industry 100 years ago have we seen an investment like that,” Gary Silberg, global automotive sector leader at the accounting firm KPMG, told Bloomberg.
Ford’s dedication to ramping up EV production includes plans to make clean energy vehicles more affordable. That’s an important development as, so far, high costs are a common reason people have not been making the switch to EVs.
“It’s going to help make great EVs available to more customers while powering thousands of good paying jobs and American manufacturing,” Dave Webb, Ford’s treasurer, said in a statement, according to The Verge.The company will be joining forces with South Korean manufacturer SK Innovation. Together, the two brands plan to create enough battery capacity to power two million EVs annually by 2026.
The aid from the DOE couldn’t have come at a better time, as some experts predict that we’ll need 10 million EVs on U.S. roads by 2025 to evade the worst effects of our planet’s overheating.
Currently, dirty energy transportation such as internal-combustion cars and buses are responsible for nearly 30% of polluting gases that are contributing to Earth’s rising temperatures. So efforts to speed up the production of vehicles that do not release these toxic gases are important to slowing our planet’s overheating.
Moving toward a world with fewer gas-reliant vehicles benefits the planet in other ways, too. It means less need for toxic liquids like motor oil, which take years to degrade and can harm wildlife and contaminate waterways.
(Excerpt) Read more at msn.com ...
Is that one of those Solyndra-style loans that are really gifts?
Jeenius!
Ain’t socialism grand?
The massive expense of the climate change crisis fraud goes up and up and up.
U.S. Department of Energy and Loan WTF ??????
DOE did not give Ford money, they gave our tax money to Ford.
There is no $$ for this or the Ukraine insanity.
Why it never mattered that Ford was losing big bucks on every EV it sold.
It’s good to have low friends in high places.
Note to Ford dealers: You’ll never see us on your lots. Or at your service centers.
Yup. Another $10 billion down the rabbit hole. Regardless, where do these geniuses expect to get the electricity? Spin the windmills faster?
“ Note to Ford dealers: You’ll never see us on your lots. Or at your service centers.”
It’s pretty much Toyota products for our family.
Ford should be made to pay back the reparations they received when they sued the U.S. government after WWII, for damages that allied bombing had done to their factories in Nazi Germany, and make them pay it back, according to today’s currency exchange rates.
Great. Now they can piss away billions of our dollars along with billions of their company’s funds.
“Ain’t socialism grand?”
Not socialism. Fascism.
$9.2 billion dollars wasted, no one wants EV.
When electric cars were first invented that had about a 400 mile range, today 125 years later they have a whopping 400 mile range
Ford provided engines for nazi trucks
I’d buy a used Lada before I buy an American brand.
Detroit can KMA.
Several years back Ford borrowed against everything they had and took out loans totaling about $28 Billion, at that time I thought they were headed for Bankruptcy.
They well might now by banking everything on EV’s and abandoning the ICE market, that goes for GM and Chrysler-Fiat also.
Funny, Henry Ford didn’t need a single dime from the federal government to build the largest automobile manufacturer in the world at one time. Welcome to the communist planned economy which is going to crater.
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