NewsJune 23, 2009
AP source: Ford to get $5.9 billion in US loans
WASHINGTON -- A congressional official says the Energy Department is lending $5.9 billion to Ford Motor Co. and providing about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc. from a $25 billion fund to develop fuel-efficient vehicles...By Ken Thomas ~ ASSOCIATED PRESS
WASHINGTON -- A congressional official says the Energy Department is lending $5.9 billion to Ford Motor Co. and providing about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc. from a $25 billion fund to develop fuel-efficient vehicles.
Energy Secretary Steven Chu was announcing the first loan recipients Tuesday at Ford's Research and Innovation Center in Dearborn, Michigan.
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The loans to Ford will help the company upgrade factories to produce 13 fuel-efficient vehicles, the congressional official said. The person requested anonymity because an official announcement was pending.
Nissan was receiving $1.6 billion to retool its plant in Smyrna, Tennessee, to build advanced vehicles and build a battery manufacturing facility. Tesla was receiving $465 million in loans to build electric vehicles and electric drive powertrains in California.
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