Ford JV to get $9.2 billion loan from DOE to build EV battery plants in Tennessee and Kentucky, WSJ reports

Ford Motor Co.’s
F,
-0.32%
joint venture with South Korea-based SK Inc.’s
034730,
-0.12%
SK On is set to receive a record $9.2 billion loan from the U.S. Department of Energy to help build plants in Tennessee and Kentucky that make batteries for electric vehicles (EVs), according to a report in The Wall Street Journal on Thursday. The loan dwarfs the $2.5 billion loan deal for battery production reached last year by the joint venture between rival automaker General Motors Co.
GM,
-1.04%
and LG Energy Solution Ltd.
373220,
+1.97%.
The loan for Ford’s JV would be for building two battery plants in Kentucky and one plant in Tennessee, the WSJ report said. Ford’s stock fell 0.9% in premarket trading and GM shares shed 0.8%, while futures
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-0.30%
for the S&P 500
SPX,
-0.30%
lost 0.3%.