U.S. Loans Ford, Nissan Funds to Boost Fuel Economy

June 23, 2009

Ford gets $5.9 billion, Nissan $6.1 billion

"The Ford Motor Co., an American icon will be awarded $5.9 billion in loans so the American workers can raise the efficiency of more than a dozen popular models," Energy Secretary Steven Chu said at a press conference.

Nissan will also receive $1.6 billion to invest in improving the fuel economy of its U.S.-built vehicles.

With this loan, "Nissan expects to cut the costs of its batteries in half and ramp up production of 150,000 American-made competitively priced electric vehicles anually," Energy Secretary Steven Chu said at a press conference.

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.