Ford and SK On Secure $9.63B Loan to Setup 3 Battery Plants

Zacks12-18

Ford Motor Company F and its Korean battery partner, SK On Ltd., have secured a $9.63 billion loan from the U.S. Energy Department to construct three advanced electric vehicle (EV) battery plants in ...

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EPS estimates for 2025 have improved 7 cents in the","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4149":"建筑机械与重型卡车","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2063271972.USD":"富兰克林创新领域基金","F":"福特汽车","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","BK4574":"无人驾驶","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4581":"高盛持仓","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4099":"汽车制造商","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4124":"机动车零配件与设备","LU1548497426.USD":"安联环球人工智能AT Acc","BK4511":"特斯拉概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4548":"巴美列捷福持仓","BLBD":"Blue Bird Corp","BK4598":"佩洛西持仓","DORM":"Dorman Products","TSLA":"特斯拉","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4516":"特朗普概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","TSYW.SI":"TESLA 3xLongSG261006","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4592":"伊斯兰概念","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4534":"瑞士信贷持仓","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4555":"新能源车","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2"},"translate_title":"福特和SK获得$9.63 B贷款以建立3家电池厂","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":1,"BLBD":1,"DORM":1,"F":1,"TSYW.SI":0.6},"content_text":"Ford Motor Company F and its Korean battery partner, SK On Ltd., have secured a $9.63 billion loan from the U.S. Energy Department to construct three advanced electric vehicle (EV) battery plants in Tennessee and Kentucky. This loan, the largest ever issued by the department's Advanced Technology Vehicles Manufacturing Program, will support the development of 120 gigawatt hours of battery capacity and create 7,500 jobs across the BlueOval SK LLC facilities.Mallory Cooke, BlueOval SK spokesperson, initially estimated at $9.2 billion, the loan amount was revised upward due to inflation-driven cost increases. The finalization process, which began in June 2023, required extensive due diligence, including evaluations of technical, market, financial and regulatory factors. While repayment terms remain confidential, the loan's interest rate aligns with the U.S. Treasury-equivalent yields, with no added credit spread.The Energy Department hailed the loan as a significant step toward reshoring manufacturing, reducing reliance on Chinese supply chains and achieving the Biden administration's goal of making half of all U.S. vehicles zero-emission by 2030. However, Ford and other automakers have encountered hurdles on the road to EV adoption, including delayed launches, product cancellations and consumer reluctance to embrace higher-priced vehicles amid ongoing challenges with charging infrastructure.BlueOval SK has already invested more than $11 billion in the construction of its three facilities, each spanning four million square feet as well as in workforce development and equipment installation. The first Kentucky plant is slated to begin production in early 2025, followed by the Tennessee plant later that year. Earlier this month, the Energy Department announced a $7.54 billion loan to StarPlus Energy, a joint venture between Stellantis N.V. and Samsung SDI, to build two battery plants in Kokomo, IN. Last month, the Department of Energy proposed a $6.6 billion loan to Rivian for a Georgia plant to produce affordable EVs by 2028. In December 2022, it approved a $2.5 billion loan to a General Motors and LG Energy Solution joint venture for lithium-ion battery plants in Ohio, Tennessee and Michigan.\nFord’s Zacks Rank & Key Picks\nF currently carries a Zacks Rank #5 (Strong Sell).Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Tesla, Inc. TSLA and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 60 days.The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 3.36%. EPS estimates for 2024 have improved 22 cents in the past 60 days. EPS estimates for 2025 have improved 7 cents in the past 30 days.The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 30 days.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nFord Motor Company (F) : Free Stock Analysis Report\nTesla, Inc. (TSLA) : Free Stock Analysis Report\nDorman Products, Inc. (DORM) : Free Stock Analysis Report\nBlue Bird Corporation (BLBD) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492139901"}