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Ford to Get $5.9 Billion Financing for Fuel Efficient Cars
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by Jordan Yerman | June 23, 2009 at 02:17 pm
32 views | 2 Recommendations | 1 comment
Ford, the only US automaker not on life support, is taking advantage of a $5.9 billion government loan plan to encourage the manufacture of fuel-efficient cars. When buyers look to take advantage of the cash-for-clunkers vouchers, Ford wants their own cars ready and waiting.
Ford isn't alone, though, as Nissan and Tesla are also receiving $1.6 billion and $465 million in low-interest loans, respectively. These "energy loans" are separate from the bailout loans which have dominated headlines coming out of Detroit.
The loans will help Ford "transform factories across Illinois, Kentucky, Michigan, Missouri and Ohio to produce 13 more fuel efficient models," the U.S. Energy Department said in a statement.
Ford will be among the first recipients of the loans in a $25 billion Energy Department program to promote production of the vehicles with improved fuel economy, the agency said today in a statement. Nissan Motor Co. will get $1.6 billion, and San Carlos-based Tesla Motors Inc., maker of the all-electric Roadster, received approval for $465 million.
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Most RecentMost Recommended Comments (1)
at 23:02 on June 23rd, 2009
It is an good initiative by the car manufacturer. Though it is another way to get the aid from the government but atleast in this way Ford will introduce more fuel efficient cars.
Rahul
Indian Car Advisor
(Carazoo.com)