Tuesday, June 23, 2009

Serious news about government financing + a little automotive laugh

Today the Obama administration announced the first loans under the Advanced Technology Vehicle Manufacturing Loan Program (ATVMLP).

The loan commitments announced today by the President include:

-$5.9 billion for Ford Motor Company 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 their Smyrna, Tennessee factory to build advanced electric automobiles and to build 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 Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program over the next several months to large and small auto manufacturers and parts suppliers up and down the production chain. Local Motors has applied to be one of those.

"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.


The auto industry is turning around and this government support is a major step forward.

Now for a little levity...this is from a blog I have recently come to like The Carsala Blog by Michelle Naranjo, if you speak German, please translate for the rest of us!

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