Ford, Nissan, Tesla Granted $8 Billion by US DoE
Specifically, Ford Motor Company will receive $5.9 billion to produce no less than 13 fuel efficient models at its Illinois, Kentucky, Michigan, Missouri, and Ohio facilities. Nissan North America got the green light for a $1.6 billion loan to transform the Smyrna, Tennessee factory to build electric cars and to start the construction of a new battery manufacturing facility in the US. Tesla Motors received $465 million to produce electric engines and vehicles in California.
“We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” said President Obama. "These loans – and the additional support we will provide through the Section 136 program – will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we’ve set, while helping us to regain our competitive edge in the world market."
"By supporting key technologies and sound business plans, we can jumpstart the production of fuel efficient vehicles in America," Energy Secretary Steven Chu said. "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 United States Department of Energy hopes the loan will help reduce the amount of gasoline Americans burn every year - estimated at around 140 billion gallons - and obviously lower the CO2 emissions released by their cars.