Ford gets $5.9-billion loan to retool plants

Ford Motor Co. will get $5.9 billion in loans from the Obama administration to retool 11 plants in five states for more efficient vehicles over the next two years.

The administration also awarded a $1.6 billion-loan to Nissan Motor Co. to retool its Tennessee factory for electric vehicle production, and $465 million to electric car maker Tesla Motors to build a new sedan and motor factory.

The loans are the first from a $25-billion program approved in 2007 but paid for last year by Congress to help automakers and parts suppliers offset the costs of revamping factories and engineering fuel-efficient models. The Free Press first reported the three companies had been chosen Monday.

Read Full Article from Detroit Free Press

- Posted: 2009-06-23 10:13:13

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