Ford and SK receive $9.6 billion in loans from the U.S. government
The three plants will be operated by Blue Oval SK, a joint venture between Ford and SK On go through Brad Anderson 16 hours ago The three plants will produce 120 GWh worth of electric vehicle batteries annually. The loan has been in the works for more than 18 months and has just been approved. The U.S. Department of Energy also recently made loan commitments to Rivian and Stellantis. Ford and South Korean battery maker SK On secured a massive $9.63 billion loan from the U.S. Department of Energy to build three electric vehicle battery manufacturing plants in Tennessee and Kentucky. In June 2023, it was initially reported that Ford and SK On would receive a $9.2 billion loan to help build three factories. It's unclear why the loan amount increased, but it is the largest loan offered by the U.S. government's Advanced Technology Automotive Manufacturing Program. The program is designed to help U.S. companies catch up with industry-leading Chinese…
U.S. Department of Energy proposes $7.54 billion in loans for electric vehicles
The U.S. Department of Energy announced a proposal to provide up to $7.54 billion in loans to a joint venture between automakers Stellantis and Samsung SDI. According to Reuters, the move is aimed at promoting the construction of two lithium-ion battery factories in Indiana. This major investment highlights the growing demand and emphasis on electric vehicle (EV) infrastructure, particularly in the development of lithium-ion batteries. According to IndexBox data, U.S. lithium-ion battery exports were worth $3.3 billion in 2023, while imports significantly exceeded this amount, reaching $18.6 billion. Lithium-ion battery trade dynamics Regarding trading partners, the United States exports the most to Canada ($841.7 million), followed by Mexico ($634.6 million), Australia ($546.4 million), the Netherlands ($202.4 million) and the United Kingdom ($191.7 million). In terms of imports, the bulk came from China, which amounted to a staggering $13.1 billion, along with South Korea ($1.5 billion), Japan ($1.1 billion), Hungary ($811.5 million) and Poland ($736.9 million). Once the factory reaches full…
The Fed’s first rate cut since 2020 may reduce the cost of auto loans.
The Federal Reserve cut the federal funds rate for the first time in more than four years. This will reduce borrowing costs, saving car buyers money. Interest rates have been climbing for years, with the average new car loan rate at 6.84%. Car buyers are about to get some much-needed relief as the Federal Reserve announced a 50 basis point rate cut, which will bring the federal funds rate down to between 4.75% and 5%. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); The Fed said in a statement that indicators point to "continued solid expansion of economic activity" and that inflation has improved, although it remains "moderately elevated." Still, they acknowledged that job growth has slowed and the unemployment rate has risen. More: Average new-car transaction price drops to $48,000, incentives keep rising Given these developments and the “uncertain” economic outlook, the Fed decided a rate…
Navigating Business Loans: Key Strategies and Tips
The complexities of dealing with business loans can be daunting, especially when you are just starting out or looking to expand. With so many options available, it is vital to understand How to Get Business Efficiently secure a loan for your business needs. This guide will explore key strategies and tips for processing a business loan, helping you make an informed decision and set your business up for success. Also read: Unlocking new revenue streams: How businesses can leverage digital marketing services Understand your business loan options There is no one-size-fits-all solution when it comes to business loans. Understanding the different types of loans available is the first step in choosing a loan. Common loan types include: 1. Term Loan: These are traditional loans where the lender receives a lump sum of money and then repays it over a certain period of time with interest. These loans are suitable for long-term investments such as equipment or real estate. 2. SBA…
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