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(Bloomberg) — The Trump administration will reduce an up to $9.6 billion loan to Ford Motor Co. and South Korea’s SK Innovation Co. after the companies announced plans to break up a joint venture to produce electric vehicle batteries in the US.

An Energy Department spokesman said the loan, finalized in the waning days of the previous administration for the construction of battery 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 matter, who asked to not be identified because the details are private.

Ford declined to com

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