The Department of Energy has released the first third of its $25 billion advanced technology loan fund for automakers to “create thousands of green jobs while helping reduce the nation’s dangerous dependence on foreign oil.”
The agency released about $8 billion, with Ford the largest beneficiary, receiving $5.9 billion. Nissan received $1.6 billion and Tesla Motors got $465 million. Sue Cischke, an environmental vice president at Ford, said “this is not related to our financial viability — it’s very different, and it’s what governments do — assisting the best green technology.”
Ms. Cischke said the financing would be applied to improving the fuel efficiency of more than a dozen Ford cars and trucks, including the Focus, Escape, Mustang, Taurus and F-150 pickup.
Nissan’s $1.6 billion will be applied to retrofitting its Smyrna, Tenn., plant to build the company’s forthcoming (and as yet unnamed) electric sedan. Construction is expected to start in late 2012.
via U.S. Technology Loans for Ford, Nissan and Tesla – Wheels Blog – NYTimes.com.
