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June 23, 2009

AP source: Ford to get $5.9B in govt loans

WASHINGTON (AP) — A congressional official says the Energy Department is lending $5.9 billion to Ford Motor Co. and providing about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc. from a $25 billion fund to develop fuel-efficient vehicles.

Energy Secretary Steven Chu was announcing the first loan recipients Tuesday at Ford's Research and Innovation Center in Dearborn, Mich. The loans to Ford will help the company upgrade factories to produce 13 fuel-efficient vehicles, the congressional official said. The person requested anonymity because an official announcement was pending.

Nissan was receiving $1.6 billion to retool their plant in Smyrna, Tenn., to build advanced vehicles and build a battery manufacturing facility. Tesla was receiving $465 million in loans to build electric vehicles and electric drive powertrains in California.

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