Ford Motors to receive up to a US$9.2 billion federal loan for electric vehicles' battery plants planned in Tennessee and Kentucky. This would be the biggest award under the U.S. Department of Energy's loan program.
A Ford nameplate graces the trunk of a Ford Fusion in Newton, Mass., Tuesday, Oct. 26, 2010. Consumer Reports magazine says Honda and Toyota still make the most problem-free cars and trucks, but Ford is closing in fast and General Motors has made big improvements in the past year. Massive battery plants planned in Tennessee and Kentucky for Ford's electric vehicles are on track to receive up to a US$9.2 billion federal loan in what would be the biggest award under the U.S.
The three battery plants combined are expected to create 5,000 construction jobs, as well as 7,500 operations jobs once the plants are up and running, the Energy Department said in its announcement Wednesday. However, the announcement drew sharp criticism from the United Auto Workers union, which called it "a massive US$9.2 billion giveaway loan to Ford Motor Co. through the Department of Energy to create 7,500 low-road jobs with no consideration for wages, working conditions, union rights or retirement security."
Before landing the Ford project, Tennessee had invested more than US$174 million in the unused megasite outside of Memphis where the plants are being built. Tennessee lawmakers have committed to spending nearly US$900 million on state incentives, infrastructure upgrades and more as part of a sweeping plan with Ford. The agreement included US$500 million in capital grant funds.
Newly elected UAW President Shawn Fain has criticized the companies, saying they make billions without fairly compensating workers. Many in the industry expect strikes against one or more of the companies as the union tries to get general and cost-of-living pay raises and eliminate tiers of workers who are paid different wages, sometimes for doing the same work.
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