Later today, Energy Secretary Stephen Chu is expected to announce the recipients of DOE loans aimed at helping to develop fuel efficient vehicles. The total program brings up to $25 billion in funds to various automakers. The official announcement will take place in Dearborn, Michigan.
Ahead of the announcement, congressional officials to the AP about some companies that would receive funds. They spoke on the basis on anonminity, but confirmed that Tesla, Ford, and Nissan would get loans from the DOE program.
The sum of the loans is unknown at this point. Ford is seeking $11 billion in loans of which they asked for $5 billion by 2011, Tesla is seeking $450 million, and Nissan is seeking an undisclosed amount of funds.
Chu has yet to announce the official recipients and the automakers who were contacted by the AP did not confirm the information released by congressional officials so we will have to wait to verify the information. But with Chu speaking in Dearborn, you can assume that Ford is indeed on the list.
GM and Chrysler are not expected to receive loans because neither company is financially viable at this point.
We will bring you more on this story after the official announcement which is scheduled for 10:30 a.m. today. Stick with us to find out the full list of automaker receiving funds from the DOE program.
Source: Associated Press
