Photo: Fisker Automotive
The Obama administration is considering reviving the $25 billion auto loan program by opening funding to auto suppliers, Energy Secretary Ernest Moniz said earlier this week, The Detroit News reports.
Created seven years ago to spur the production of more fuel-efficient vehicles, the Advanced Technology Vehicle Manufacturing Program awarded $8.4 billion in loans until March 2011, to companies such as Ford, Nissan, Tesla Motors, Fisker Automotive and Vehicle Production Group LLC.
The program came under fire after the last two manufacturers, who were granted $529 million and $50 million respectively, halted production and filed for bankruptcy protection. However, some loans have performed well, with Tesla Motors repaying its $465 loan nine years early.
Speaking at the Washington Auto Show, Moniz said that the program could be opened to auto suppliers, although many applications been rejected by the Energy Department. “We are open to good ideas,” he said.
Story via DetroitNews
The program came under fire after the last two manufacturers, who were granted $529 million and $50 million respectively, halted production and filed for bankruptcy protection. However, some loans have performed well, with Tesla Motors repaying its $465 loan nine years early.
Speaking at the Washington Auto Show, Moniz said that the program could be opened to auto suppliers, although many applications been rejected by the Energy Department. “We are open to good ideas,” he said.
Story via DetroitNews
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