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Automakers to tap DOE funds for fuel-efficient vehicles

Posted Tuesday, Jun 23, 2009, 11:27 am in Employee News

The Associated Press is reporting that the U.S. Energy Department is lending part of a $25-billion fund to Ford and two other automakers to develop fuel-efficient vehicles.

Energy Secretary Steven Chu was scheduled to announce the loan funding for Ford, Nissan Motor Co. and Tesla Motors Inc. on Tuesday in Dearborn, Mich., officials quoted in the AP story said.

Dozens of auto companies, suppliers and battery makers have asked for a total of $38 billion from the loan program. Reportedly, Ford has asked for $5 billion in loans by 2011, but it was unclear how much money the automaker would receive. Nissan has applied for an undisclosed amount, while Tesla has sought $450 million, the story said.

The Energy Department declined to comment on the plans. (Associated Press Newswires)
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