Trade War with China: U.S. Finalizes $9.63 Billion for Ford over Battery for EV

The Joe Biden administration of United States of America has finalized a loan of $9.63 billion for Ford for a joint venture with South Korean giant SK On over battery for electronic vehicles ahead of the take-over of Donald Trump.

The loan will help Ford Motors and South Korean battery maker SK On to research and come up with efficient and durable battery for vehicles keeping in mind the competition the U.S. faces from China. The huge government loan, which according to reports of news organisations, is first of its kind, aims at incentivizing EV production and compete for global market with China in the sector.

U.S. President-elect Donald Trump has already sounded his possible policy of trade war with China, particularly in the electronic vehicle sector. China has been making budget-friendly electronic vehicles, making the competition in the sector very tough.