Largest EV-Related Loan: The U.S. Department of Energy (DOE) has granted final approval for a $13.8 billion (approximately 96.3 billion USD) loan to BlueOval SK, a battery manufacturing joint venture between South Korea's SK On and America's Ford Motor Company.

ATVM Program: This financing is provided under the DOE's Advanced Technology Vehicles Manufacturing (ATVM) program, which offers low-interest loans to automotive and related component manufacturing projects. Established in 2007 under the U.S. Energy Independence and Security Act, the ATVM program aims to support the development of advanced vehicle technologies.
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BlueOval SK's U.S. Operations: BlueOval SK is constructing three battery production plants in the United States—two in Kentucky and one in Tennessee—with a total investment exceeding $11 billion. These facilities are scheduled to commence operations sequentially starting next year, with a combined annual production capacity exceeding 120 GWh, sufficient to power approximately 1.2 million electric vehicles annually.
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Biden Administration's Support: As part of its "Invest in America" initiative, the Biden administration has been actively supporting electric vehicle production. Recently, the DOE approved a $7.54 billion loan to StarPlus Energy, a battery joint venture between Samsung SDI and Stellantis, to construct a lithium-ion battery and module plant in Indiana.
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Uncertainty Under Incoming Administration: Despite the current administration's efforts, there is uncertainty regarding the continuation of such support under the forthcoming administration. President-elect Donald Trump and his incoming administration have previously expressed skepticism toward federal support for electric vehicles, raising questions about the future of these initiatives.
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Implications:

The DOE's approval of this substantial loan underscores the U.S. government's commitment to bolstering domestic electric vehicle production and supply chains. However, the impending change in administration introduces uncertainty about the continuity of such support, potentially impacting the strategic plans of companies like BlueOval SK and the broader EV industry.