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 ...
As did most of big industry before the war to not only Germany but to the Soviet Union also. Without all the help U.S. industry gave those two countries neither would have had the capacity to make war on the scale they did.
FORD - Found On Road Dead!! Enjoy the SUCK dealers. Good move Ford you have now sunk as low as GM and GMC selling your brand to Brandon.
Remember, GMC - Government Made Crap!!!
Everyone who wants an EV is buying a Tesla.
Nope. Pull the other leg - it rings.
You can’t compete with a bank that prints the money it loans out.
If it’s such a good idea, why do they need government funding?
Subsidy: funding given to a bad idea so it won’t die a natural death.
As long as we got ink, no problem. Gotta keep those EVs stacking up on dealer’s lots.
Good thing that there won’t be enough nuclear reactors to power everything....
But, hey, it works in the movies 🎥🎥🎥🎥
🙄🙄🙄
Crony capitalism.
Capitalism works best when the government is not involved. Let the consumer decide which products are the best.
Capitalism works worst when the government is involved. Here the government - and not the consumer - will decide which products are the best.
DC has once again chosen the wrong option.
They are trying to cut Elon Musk off at the knees.
Ford was against U.S. involvement in WWI and WWII. He was also an anti-semitic. Hitler revered and cited Ford in Mein Kampf. He also kept a full-size photo of Ford by his desk in the Chancellery in Berlin.
"Ford overruled his son Edsel, who was running the company, and halted a lucrative federal government contract to produce 6,000 Rolls-Royce engines for British fighter planes and 3,000 engines for American warplanes." It wasn't until 1941 that Ford reluctantly agreed to start producing war materials.
Also found this article from 1999. It states that Ford had previously admitted to using slave labor in Cologne, run by Ford's German subsidiary.
“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.”
There’s no hope with “experts” like this calling the shots.
Trudeau gave VW 16 billion $CDN for a EV factory in Canada.
And Chrysler (Stellantis) complained since they were building as well, they should get their own 16 billion. So they will get 19.
Note for proportional size spending for the US gov’t, multiply by 10. ($350 billion!)
Neither country was ever able to produce the amount of military war machinery that the U.S. did. We supplied Russia with complete factories so they could produce their own stuff. We sent civilian engineers, architects, etc. there to help them get the buildings up and running. We also sent them a vast amount of train engines and railroad cars. When Germany invaded Russia, Stalin had the people dismantle the factories so the Germans couldn't get their hands on them, and moved them by train farther into the interior, to be reconstructed in order to continue production.
He'll cave after Biden schmiers him. Pay attention all you union guys and gals...your jobs, health insurance and pensions depend on how you vote!
Never knew until recently, after watching a British series on WWII war production, that it was a British military officer who took control of the VW factory, and got it up and running again before being handed back to the Germans.
The interesting thing about Ford borrowing $28 billion or whatever was that it was just before the 2008 economic crash.
While GM and Chrysler need government bailouts to stave off bankruptcy(“government motors”), Ford was in good shape because of these loans they got before the crash. I think they even hocked the rights to the blue oval.
So when people refused to by GM and Chrysler because of the government bailouts, they moved to buy cars from the non-government car maker. Interesting that they now have their hand in the till.
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