09:52 AM EST, 12/16/2024 (MT Newswires) -- Ford Motor's ( F ) BlueOval SK joint venture with SK On has obtained a direct loan of up to $9.63 billion loan from the US Department of Energy to fund the construction of three battery manufacturing plants, the DOE said Monday.

The facilities, located in Tennessee and Kentucky, are designed for over 120 gigawatt hours of battery production annually for Ford's future Ford and Lincoln electric vehicles, according to the DOE.

The loan, extended through the department's Advanced Technology Vehicles Manufacturing Program, is aimed at ensuring the US can meet domestic demand for EV batteries, the DOE added.

Ford shares fell 4.6% in early trading.

Price: 9.92, Change: -0.48, Percent Change: -4.57