June 24th, 2009, 2:39 pm. Posted under Electric Cars by AppleOption.
The U.S. Energy Department on Tuesday announced $8 billion in loans to Ford, Nissan and Tesla to spur development of more fuel efficient vehicles.
Ford Motor Co. (NYSE: F) will get $5.9 billion to transform factories across the country to make more fuel efficient vehicles. Nissan Motor Co. got $1.6 billion to retool its factory in Smyrna, Tenn. Tesla Motors Inc., of San Carlos, Calif., got $465 million to manufacture electric vehicles.
“By supporting key technologies and sound business plans, we can jump-start the production of fuel efficient vehicles in America,” said Energy Secretary Steven Chu, in a statement. “These investments will come back to our country many times over – by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions.”
The Advanced Vehicle Technology Program is part of the $789 billion economic stimulus package the federal government passed in January.