"Ford Motor Co., the only U.S. automaker not receiving emergency federal loans, will get $5.9 billion in government financing to speed work on cars with better fuel economy. Nissan Motor Co. (of Japan) will be able to borrow $1.6 billion under the $25 billion U.S. Energy Department program, and Tesla Motors Inc., a closely held (and Daimler AG-backed) maker of battery-powered autos, was approved for $465 million, the agency said today," reports Bloomberg here.
"Today, the Obama Administration announced $8 billion in conditional loan commitments" designed to create "thousands of green jobs" building electric cars, claims the Energy Department here.
"The loan commitments announced today by the President include $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce 13 more fuel efficient models; $1.6 billion to Nissan North America, Inc. to retool their Smyrna, Tennessee factory to build advanced electric automobiles and to build an advanced battery manufacturing facility; and $465 million to Tesla Motors to manufacture electric drive trains and electric vehicles in California.
"These are the first conditional loan commitments reached as part of the Department of Energy's Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program over the next several months..."