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Ford Motor is set to receive the single largest loan in the history of the Department of Energy’s (DOE) Loan Program Office. The whopping $9.2 billion will be used to build three EV battery factories as Ford looks to boost domestic capacity.

The loan is also the largest (by far) since the US auto bailout sparked by the global financial crisis in 2009, according to Bloomberg.

Ford will use the funds to build three new battery factories. The automaker revealed plans to develop its “largest, most advanced and efficient auto complex” in 2021, called BlueOval City.

The new project consists of three battery factories in collaboration with SK Innovation. One will be at its nearly six square mile site in West Tennessee alongside an assembly plant, while the other two are being built at its new BlueOvalSK Battery Park in Central Kentucky.

Altogether, Ford expects the three factories to generate 129 GWh of battery cells annually to support the automaker’s planned EV production ramp.

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Construction at BlueOval SK Battery Park (Source: Ford)

Ford expects to build around two million EVs per year by 2026 compared to about 132,000 it made in 2022. Once the factories are complete, Ford’s EV models, including a new electric truck codenamed “Project T3,” will be eligible for billions in incentives from the Inflation Reduction Act (IRA).

Currently, the Ford F-150 Lightning is the only EV model that qualifies for the full $7,500 tax credit. The Mustang Mach-E and E-Transit are eligible for $3,750.

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Ford F-150 Lightning (Source: Ford)

Ford gets a $9.2 billion loan for EV battery production

Ford’s $9.2 billion loan is designed to expand EV battery production in the US, building out a domestic supply chain while reducing the nation’s reliance on China.

BlueOval CEO Robert Rhee said in a statement Ford “will use this loan to its fullest as we create 7,500 good American jobs.” The IRA is enabling US automakers to compete globally as the industry moves to a fully electric future while putting the US on a path to slash GHG emissions in half by 2030.

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DOE Loan Program Office projects (Source: Bloomberg)

The Loan Programs Office (LPO), created in 2005 to advance clean energy projects, dished out nearly $33 billion over the past 14 years. Notably, in 2010, a $465 million loan helped Tesla ramp production at its first factory in Fremont, California.

Since the IRA was passed last August, lending through the LPO is around $400 billion. General Motors (GM) received $2.5 billion in funding last year, less than a third of Ford’s new loan.

The funding comes at a critical moment in Ford’s EV ramp-up. After splitting into three businesses to focus on their individual strengths to accelerate the company as a whole, Ford expects its EV unit (Model e) to lose $3 billion this year as it scales production.

By the end of 2026, the American automaker expects to turn things around with an 8% EBIT margin for the Model e division. Ford CEO Jim Farley told Bloomberg in an interview in March, “The biggest thing of scaling is batteries.”

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Tesla launches new Model Y in North America and Europe

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Tesla launches new Model Y in North America and Europe

Tesla has officially launched the new Model Y in North America and Europe after launching it in China earlier this month.

The difference is that Tesla is now taking orders for both the older and newer versions of its best-selling electric SUV.

That’s a unique launch for Tesla. I don’t remember the automaker doing that before.

After launching the new Model Y design refresh in China two weeks ago, Tesla is now starting to take orders for the refresh in North America and Europe.

But it looks like the design refresh is still a transitional in Tesla’s production as the automaker is still taking orders for the previous version:

For the launch in North America and Europe, Tesla has only added a new “trim” on the Model Y online configurator for a ‘Launch Series New Model Y’, which is the version unveiled in China earlier this month.

But in China, only this new version has been available for sale since the last two weeks.

Tesla estimates that the new version will have 320 miles of EPA range. Compared to 311 miles for the previous Model Y Long Range AWD, the only version of the new Model Y Launch Series available.

Here are all the other changes with the new Model Y compared to the previous version:

Feature Model Y New Model Y
Starting Price After Est. Savings $31,490 Available Now $46,490 Available Starting March
Trims Long Range RWD Long Range AWD Performance AWD Launch Series Long Range AWD
Range 277-337 miles (EPA est.) 303-320 miles (est.)
Seating First row: power recline and heated Second row: manual fold and heated First row: power recline, heated and ventilated Second row: power two-way folding and heated
Displays 15.4″ front-row touchscreen 15.4″ front-row touchscreen 8″ second-row touchscreen
Ride Comfort First-generation suspension First-generation noise reduction hardware Second-generation suspension Second-generation noise reduction hardware
Cameras 7 exterior cameras 8 exterior cameras (includes a new front-facing camera)
Audio Long Range RWD: 7 speakers Long Range AWD: 13 speakers, 1 subwoofer Performance AWD: 13 speakers, 1 subwoofer Launch Series Long Range AWD: 15 speakers, 1 subwoofer
Connectivity First-generation hardware Second-generation hardware
Trunk Power open Hands-free power open on approach
Interior Footwell and door pocket ambient lighting Wooden detailing with black interior Footwell and door pocket ambient lighting Wrap-around ambient lighting Aluminum detailing and premium textiles
Climate Tinted and laminated safety glass Power-actuated first-row air vents Manual second-row air vents Tinted and laminated safety glass with metallic infrared reflective coating Power-actuated first- and second-row air vents

For the Launch Series, Tesla is pricing the new Model Y Long Range AWD at $59,999 USD. That’s $12,000 more than the previous Model Y Long Range AWD, which is still available to order.

Specifically for the Launch Series, buyers get a bunch of special badging around the car:

But they also get things called “Premium Textil Trim” and “Vegan Suede for Black Interior”:

Currently, Tesla is only offering the new Model Y in Stealth Grey, Pearl White Multi-Coat, Ultra Red, and Quicksilver, but they are all included in the Launch Series price.

The Glacier Blue that is offered in China is currently not offered in North America or Europe.

Tesla is talking about the first deliveries of this new version of the Model Y coming in March in North America.

Electrek’s Take

This came sooner than expected, as most expected the launch to be closer to March based on how Tesla launched the Model 3 refresh last year.

But this is also different since Tesla continues to take orders for the previous version.

Tesla was likely worried about the Osborne effect and this strategy of starting with this more expensive version of the Model Y, the Launch Series, is going to help sales of the much cheaper previous version.

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

Rivian (RIVN) plans to launch a new Advanced Driver Assistance System (ADAS) this year to enable hands-free driving. The new feature is expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will up the ante with an “eyes-free” system.

Rivian plans hands-free driving in 2025, eyes-free in 2026

At the new Rivian Space opening in San Francisco on Thursday, CEO RJ Scaringe revealed a few exciting developments to look forward to.

According to the folks at RivianForums, Scaringe said during the event that the company plans to launch a hands-free ADAS feature in 2025. Next year, Rivian will follow it up with an “eyes-free” system.

The big question is, will current Rivian R1S and R1T owners gain access? It could depend on whether you drive a Gen 1 or Gen 2 model. All Rivian models built through 2024 are considered Gen 1, while models 2025 and newer are Gen 2.

Rivian introduced the second-generation R1S and R1T last summer. They were “completely reengineered” with hundreds of hardware improvements, fully redesigned software, and more.

The upgrades include its new in-house autonomy system, Rivian Autonomy Platform. It’s powered by 11 cameras, five radars, and predictive AI.

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Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

Rivian said the new platform is “10 times more powerful” than the old system. It also features 360-degree visibility with 8X the number of camera pixels than the previous models. Gen 2 models already include features like Blind Spot Monitoring and Highway Assist.

With the premium version, drivers gain access to Lane Change, while Rivian said Enhanced Highway Assist and other features were coming soon.

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Rivian R2 electric SUV (Source: Rivian)

Although all Rivian R1S and R1T EVs include OTA updates, some features may require additional hardware or software not included on Gen 1 models.

Rivian hands-free and attention-free autonomous highway driving will be available on the upcoming R2 model. The smaller electric SUV is due out in the first half of 2026, starting at around $45,000.

Electrek’s Take

As a Tesla Model 3 driver, I can tell you that Full-Self Driving (FSD) is fun and can be helpful at times. I’ve used it on longer trips, like through the Blue Ridge Mountains, and it makes driving or sitting in the car a little more enjoyable.

Although the system still requires you to pay attention, it enables the vehicle to drive itself almost anywhere with “minimal driver intervention.”

The new Actually Smart Summon feature is one of my favorites. Through the Tesla app, you can summon your vehicle to come to you in a parking lot. The vehicle will then move around other cars, people, and objects to find you.

Other functions, like Navigate on Autopilot, will take over while the vehicle is on the highway, changing lanes (with turn signals) and braking or accelerating as needed.

For Rivian owners, it would be like an upgraded system from Highway and Lane Change Assist. The “eyes-free” system coming next year will likely have a few regulatory hurdles to pass before it rolls out, so it should be interesting to see what that will consist of. Check back for more info soon. We’ll keep you updated with the latest.

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The world’s largest solar + storage project will deliver power 24/7

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The world's largest solar + storage project will deliver power 24/7

The United Arab Emirates is building the world’s largest solar and battery storage project that will dispatch clean energy 24/7.

Emirati Renewable energy company Masdar (Abu Dhabi Future Energy Company) and Emirates Water and Electricity Company (EWEC) are developing the trailblazing solar and battery storage project. Once it’s online, will become the largest combined solar and battery energy storage system (BESS) in the world.

Located in Abu Dhabi, the project will feature a 5.2 GW solar PV plant coupled with a 19 gigawatt-hour (GWh) BESS.

His Excellency Dr. Sultan Al Jaber, minister of industry and advanced technology and chairman of Masdar, said:

For decades, the biggest barrier facing renewable energy has been intermittency – to be able to source uninterrupted clean power day and night.

In collaboration with EWEC and our partners, we will develop a renewable energy facility capable of providing clean energy round the clock.

For the first time ever, this will transform renewable energy into a world-leading 1 GW of reliable baseload energy every day on an unprecedented scale – a first step that could become a giant leap for the world.

Masdar announced China’s JA Solar and Jinko Solar, two of the world’s largest solar panel suppliers, and Chinese battery and BESS giant CATL as preferred suppliers. JA Solar and Jinko Solar will supply 2.6 GW of solar panels each. India’s Larsen & Toubro and POWERCHINA have been selected as preferred engineering, procurement, and construction contractors.

Masdar says the project will create 10,000 jobs and doesn’t yet indicate a projected completion date.

Read more: China installed a record capacity of solar and wind in 2024 – in numbers


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