Electric Car Manufacturers Receive $8 Billion Loan
Where Do You Live?
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 is planned for developing new electric cars, which in turn will create new jobs in the car industry.
The US government has given the low interest loans to help increase jobs in the industry, aswell as creating new greener cars.
The money is being split into very different sums for each manufacturer. Ford has received a large amount, $5.9 billion. This money is going to be spent developing new technology for gasoline powered cars, aswell as developing new ranges of 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 this money on the market, they would end up paying double figure interest rates.
As for Nissan, they are getting the second biggest chunk of the cash, $1.6 billion. They said that this money will be spent on a plant they have that is making lithium ion batteries. The new batteries developed will be going into a new electric car in development for 2012.
Tesla are only going to receive a tiny amount of the overall sum compared to Ford. Tesla are only receiving a small sum of $465 million in loans. A large lump of the money will be used to develop a new factory to create their new Model S Sedan. The other bit of the loan will be spent on building greener car parts which will be sold to other car manufacturers.
With this money under their belts, we should start to see a large number of electric cars being released in the 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.
Leave a Reply