U.S. Energy Secretary Steven Chu presented Ford Motor Co. with $5.9 billion in loans today to help the automaker develop and manufacture a new generation of fuel-efficient vehicles. "The American innovation machine, when it revs up, is the greatest in the world," he said during a press conference here. "Today, we're putting that engine into gear." Chu also announced a $1.6 billion loan to Japan's Nissan Motor Co. to produce electric vehicles and batteries in Tennessee and a $465 million loan to California's Tesla Motors to produce a cheaper version of its electric vehicle, as well as powertrain components for Daimler AG...DetroitNews
Wednesday, June 24, 2009
U.S. loans $8 billion to Ford, Nissan for green vehicles
U.S. Energy Secretary Steven Chu presented Ford Motor Co. with $5.9 billion in loans today to help the automaker develop and manufacture a new generation of fuel-efficient vehicles. "The American innovation machine, when it revs up, is the greatest in the world," he said during a press conference here. "Today, we're putting that engine into gear." Chu also announced a $1.6 billion loan to Japan's Nissan Motor Co. to produce electric vehicles and batteries in Tennessee and a $465 million loan to California's Tesla Motors to produce a cheaper version of its electric vehicle, as well as powertrain components for Daimler AG...DetroitNews
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