U.S. to Start Financing Efficient Car Design

  • 23/06/2009

  • New York Times (New York)

After months of uncertainty, the Energy Department is beginning to lend money from a $25 billion loan program to develop fuel-efficient cars. Ford Motor Company, Nissan Motor Company and Tesla Motors are slated to get the first round of loans. Energy Secretary Steven Chu is scheduled to make the announcement of the loans on Tuesday, according to several wire service reports that quoted unnamed sources. Absent from the loan program are General Motors and Chrysler, two companies that have asked for billions of dollars in loans, but are prevented from receiving aid under terms of the program because they do not qualify as