The administration of President Obama in the United States has today announced that Ford, Nissan and Tesla have secured 'green' government technology loans to promote the development of more fuel-efficient vehicles.
The trio were made eligible for part of the US$25 billion Advanced Technology Vehicles Manufacturing program by legislation passed in December 2007 which approved monies for viable companies who manufacture cars within the USA.
"By supporting key technologies and sound business plans, we can jump-start the production of fuel-efficient vehicles in America," said US Energy Secretary Steven Chu. "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."
Ford will receive nearly $5.9 billion, Nissan $1.6 billion, and Tesla $465 million.
The agency plans additional loans during the next several months to other carmakers and suppliers.