Ford Gets $9.2 Billion to Help US Catch Up With China’s EV Dominance

URLhttps://www.bloomberg.com/graphics/2023-ford-ev-ba
SourceBloomberg
Date Published06/22/2023
Author NameAkshat Rathi, Ari Natter and Keith Naughton

Additional Reshoring Information:

Company/Division name BlueOvalSK
Parent companyFord with SK On Co.
Type of work Manufacturing
Reshoring category:Reshoring
Total number of jobs (added or to be added):7500
Year reshoring announced:2023
Year reshoring implemented or to be implemented:2026
Capital investment ($):11400
City reshored to:Both states of Kentucky and Tennessee
If relevant, work nearshored to:-
Industry(ies):Electrical Equipment, Appliances & Components
Product(s) reshoredEV batteries
What non-domestic negative factors made offshoring less attractive?Green considerations
What domestic positive factors made reshoring more attractive?Eco-system synergies, Government Incentives, Govt. Policy and subsidies, Lead time/Time to market, Lean/other business process improvement techniques, Manufacturing/engineering joint innovation (R&D), Proximity to customers/market, IRA
Government Incentive dollar amount:9.2 bil non-IRA loan from gov. for futuristic tech
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