Ford Motor Co. will receive $5.9 billion in low-cost loans from a program created by Congress to help auto makers retool their factories to produce advanced-technology vehicles, the Obama administration said Tuesday.
The loans will help Ford "transform factories across Illinois, Kentucky, Michigan, Missouri and Ohio to produce 13 more fuel efficient models," the U.S. Energy Department said in a statement.
Nissan Motor Co. (NSANY) will receive $1.6 billion from the program to retool their Smyrna, Tenn., factory, the department said, and Tesla Motors will receive $645 million to manufacture electric vehicles in California.
Tuesday, June 23, 2009
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