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 ...
Who doesn’t like trillion dollar plus interest payments?
INSANITY!
WITH OUR MONEY!
I get it. EVs have to be parked outside, so there are a lot of empty garages on the horizon. This is a great place to locate the illegal aliens who are homeless.
EV’s can lose 30% of their ranges in temps
below 20 or above 100 degrees. 30% of your
cost to charge, right out the window.
And that’s without running the heater or
air conditioner.
No way to hang on to their “cheaper to
operate” claim.
GM went bankrupt in 2009. The feds stepped in and reconstituted a new company called GM. I know oldGM bond holders got screwed over in the deal.
Is the Biden crime family getting a kickback?
“Loan.”
Yeah. Sure.
“giving Ford $9.2 billion loan to build electric vehicle (EV) factories.”
Actually, banks will loan Ford the money, and the Feds will guarantee the loan via the DOE. So when Ford cannot make payments on the loan........
Correct. For most people, it seems, purchasing an EV is not about satisfying a need for transportation. It’s about wanting to project a certain image. True, I suppose, about cars in general, but the relative impracticality of an EV for the majority of folks makes this abundantly clear.
Ford inching toward penny stock by sucking up to Biden fallacy
I thought of that also. A loan. So what happens when Ford can’t pay the loan back? Looks a lot like China’s belt and road program where the host country cannot afford the payments so China steps in and takes over the shipping facilities and ports.
-PJ
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