Ford Motor Company
Ford Assumes Obligations from Joint Venture and Enters New Loan Agreement with DOE
Summary
On May 20, 2026, Ford Motor Company closed on the transactions contemplated by the Joint Venture Disposition Agreement, resulting in Ford redeeming its membership interest in BlueOval SK, LLC (BOSK) and assuming all obligations under a $3,805,040,000 promissory note payable to the U.S. Department of Energy (DOE) related to a Kentucky battery plant. Ford also entered into a Loan Arrangement and Reimbursement Agreement with DOE, which includes a loan of up to $3,805,040,000 with an interest rate of 4.814% per annum, requiring quarterly interest-only payments until January 15, 2030, and quarterly principal and interest payments from April 15, 2030, through July 15, 2040. The agreement contains various covenants and events of default, including material inaccuracies in representations, breach of covenants, and certain bankruptcy or ERISA events.
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About Ford Motor Company
Ford Motor Company, a prominent entity in the automotive sector, is renowned for designing, manufacturing, and selling a full line of trucks, utility vehicles, and cars, domestically and internationally. This esteemed company, founded in 1903 and headquartered in Dearborn, Michigan, also holds a significant presence in the automotive financial services landscape through Ford Credit. Ford’s commitment to innovation is evident in its push towards sustainable and smart vehicles, including the development of electric and autonomous driving technologies. As a key player in the automotive industry, Ford impacts several sectors, including manufacturing, transportation, and energy. Its operations influence global supply chains, employment, and economic health. The company's broad market reach, storied history, and strategic emphasis on future mobility solutions reinforce its integral role in the automotive market's advancement and evolution.
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