Nissan Seeking $1.1 Billion in Loans From Federal Government for Electric Vehicle Program

By Eric Loveday

Eric Loveday

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Eric Loveday is a car enthusiast with a love for everything automotive. He purchased a 1970 Chevelle at age 16, quickly outgrew its dated engineering... More

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786 views May 29, 2009

Nissan EV-02 prototype

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Nissan is enduring hard times right now and is seeking $1.1 billion in low interest loans from the U.S. Government to help fund their hybrid and electric vehicle programs.

The government has set aside $25 billion in funding to help support advanced technologies in the automotive field.  These technologies apply to electric vehicle, alternative fuel vehicles, and other advancements that produce a low emission vehicle.

Nissan has been regarded as a leader by many in the electric vehicle field.  They have set up agreements with many states in the U.S. and countries throughout the world.  The agreement aims to provide charging infrastructures for electric vehicles in the near future through programs that aim to put electric vehicles on the streets nearly everywhere.

Now Nissan needs help in their efforts and according to several source will be approve for the loan.  When approved, Nissan will move forward quickly with their EV plans and hopes to become the front runner in the EV race.

The company is seeking an additional $1.1 billion from the Development Bank of Japan, a bank backed by the nation, and has previously borrowed over $500 million from the Japanese government.

Hopefully, the additional funds will allow Nissan to push forward and development the electric infrastructure that they have laid out plans for across the U.S.

Source:  Edmunds