Ford, Nissan, Tesla to Get $8bn US Loan
It seems like Ford was seeking up to $5 billion in loans by 2011 while Tesla Motors demanded $450 million. Nissan also requested support from the US government, but the amount is still undisclosed. Nevertheless, it's still unknown how much money every automaker is to receive.
Nissan earlier this week announced that it intends to build electric cars in the United States so a government funding package would pretty much makes sense. Nissan spokesman Fred Standish only stated the US arm of the Japanese automakers hopes “to be approved for this loan as we provided a very strong business proposal. At this time, we have nothing further to say or to announce.”
What's interesting is that Ford is also looking to receive government support, in spite of CEO Alan Mulally's statements that the American automaker does not need financial assistance. Ford is the only member of the Detroit Three that stayed on the safe side and avoided bankruptcy without a cent sourced from the government.
"We don't want to borrow any more money. We have sufficient liquidity to fund our transformation plan, which means our business is in a relatively good shape," Mulally said according to CNN in January. "Right now, I think with everything planned in the fiscal and monetary policy, I am very comfortable that we are going to start to turn things around through the second half of the year.”