Ford, Nissan and Tesla have been loaned a total sum of $8 billion by the US Energy Department. This money will be going towards the development of electric cars, aswell as creating new jobs for the industry.
The money is simply a low interest loan which the US has given out to help increase jobs in the car industry, aswell as developing greener cars in the process.
The money is being split into very different sums for each manufacturer. Ford have been given the majority, $5.9 billion. This money will be spent developing new electric cars, aswell as new technology for current gasoline powered cars.
This money given to Ford has been very handy because of the extremely low interest rate of around 3.75%. If they had tried to get this money on the open market, they would have to expect to pay double figured interest rates.
Nissan are receiving the second biggest chunk of the money, $1.6 billion. Nissan have said that the money will be going towards the development of lithium ion batteries which are being developed in one of their car plants. The new batteries developed will be going into a new electric car in development for 2012.
Finally, Tesla are walking away will a relatively small amount compared to Ford. Only a small sum of $465 million is going to Tesla in loans. A new factory in California is being developed to create their new Model S Sedan using part of their loan. The other chunk of their loan will be going to make new car parts for other manufacturers.
Hopefully with this loan under their belt, we will start to see a large number of electric cars being developed and released into car market. Being able to choose from an electric car over gasoline would save a leaser even more money. I imagine a huge number of people with a Ford Lease or Nissan Lease would love to have an electric car as this would save them even more money.
Access crucial suggestions to car finance calculator – welcome to your individual tips store.
Related posts:
- Weak Pound Forces Ford To Raise Prices Ford are planning to increase the car prices by on...
- Find Out New Nissan GTR Spec V Nissan Motor Co. has shown their latest sports car, Nissan...
- Ford’s Sales Grow In US Ford announced details this week that they have been seeing...
- 2007 Nissan Sentra: For An Active Lifestyle The automaker Nissan is who is quite responsible for the...
- Nissan: 40 Years In North America The North American market has seen some bold changes by...
{ 0 comments… add one now }
You must log in to post a comment.