Ford Venture’s $9.6 Billion US Loan to Shrink Following Breakup

The Trump administration will reduce an up to $9.6 billion US loan to Ford Motor Co. and South Korea’s SK Innovation Co. after the companies announced plans to break up their electric vehicle battery-making joint venture.

An Energy Department spokesman said the loan, finalized in the waning days of the previous administration for the construction of plants in Tennessee and Kentucky, would be restructured to “reduce exposure to taxpayers and ensure its prompt repayment.”

The loan will be reduced in size and Ford is working voluntarily with the department to repay more quickly, said a person familiar with the ...