Ford, Nissan and Tesla Receive $8 Billion Loan
The car companies Ford, Nissan and Tesla have been given a combined sum of $8 billion by the Energy department of the US government. This money will be used to sustain and create new jobs while developing fuel efficient cars for the future generations.
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.
Each car manufacturer will be getting a different amount of the overall total. Ford has received a large amount, $5.9 billion. This money will be used to help them develop new technology for gasoline engines, aswell as developing new electric cars.
This money given to Ford has been very handy because of the extremely low interest rate of around 3.75%. If Ford had tried to get the money on the open market, they would have ended up paying double figure interest rates.
Nissan are getting another large chunk of the loan, $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. These new batteries will be going into a new electric car that’s being developed for 2012.
Finally Tesla, they are only getting a small sum comapred to the likes of Ford. Tesla are only receiving a small sum of $465 million in loans. A lump of the money is going to be used to build a factory in California to develop their new Model S Sedan. 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. Having the ability to choose an electric car when leasing would save you even more cash. 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.
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