Industry Headlines

Obama Awards $8 Billion in Loans for Advanced Automotive Technologies

July 1, 2009
/ Print / Reprints /
ShareMore
/ Text Size+

WASHINGTON, DC-The Obama Administration announced $8 billion in conditional loan commitments for the development of innovative, advanced vehicle technologies on June 23. The loan commitments include $5.9 billion for Ford Motor Co. to transform factories across Illinois, Kentucky, Michigan, Missouri and Ohio to produce 13 more fuel efficient models; $1.6 billion to Nissan North America Inc. to retool its Smyrna, TN, factory to build advanced electric automobiles and an advanced battery manufacturing facility; and $465 million to Tesla Motors to manufacture electric drive trains and electric vehicles in California.

These are the first conditional loan commitments reached as part of the Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program during the next several months to large and small auto manufacturers and parts suppliers up and down the production chain.

“We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” said President Obama. "These loans-and the additional support we will provide through the Section 136 program-will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we’ve set, while helping us to regain our competitive edge in the world market."

Did you enjoy this article? Click here to subscribe to Quality Magazine. 

You must login or register in order to post a comment.

Multimedia

Videos

Podcasts

 In honor of World Quality Month, we spoke to James Rooney, ASQ Past Chairman of the Board of Directors 2013, for his take on quality around the world.
For more information, read the ASQ Speaking of Quality column.
More Podcasts

THE MAGAZINE

Quality Magazine

cover_image

2014 April

Check out the April 2014 edition of Quality Magazine for features!
Table Of Contents Subscribe

Manufacturing Process

Has/does news about a manufacturers’ recall (like the GM recall in the news now) cause you or your company to reexamine its manufacturing process?
View Results Poll Archive

Clear Seas Research

qcast_ClearSeas_logo.gifWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

eNewsletters

STAY CONNECTED

facebook_40.png twitter_40px.png  youtube_40px.pnglinkedin_40px.png