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While Chrysler, GM and Ford got millions for low-emission vehicle development, Nissan North America just got a $1.4 billion loan from the U.S. Department of Energy to modify its Smyrna, Tennessee plant to produce its five-passenger LEAF electric vehicle and the batteries to power it. Secretary of Energy Steven Chu announced the loan today. The [...]
President Bush signed a $630 billion government spending bill on the last day of September. Included in the legislation is the funding for the $25 billion in low-interest loans for the auto industry. The loan program, to be administered by the Department of Energy, is intended to help car companies retool plants to produce a new generation [...]
Chrysler, Ford, General Motors, and a number of auto industry suppliers might have to wait a while for the $25 billion in low-cost loans expected to be approved by Congress. Despite languauge added to the bill requiring the Department of Energy to write the rules for the loans within 90 days, the DOE says complying with other [...]