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US Government loans Ford $5.9 billion to produce fuel efficient cars
US energy Secretary Steven Chu yesterday confirmed that Ford will receive a $5.9 billion loan to transform its manufacturing facilities to produce fuel efficient cars.
The loan, which is part of the Department of Energy (DOE)’s Advanced Technology Vehicles Manufacturing programme, will support the development of advanced vehicle technologies at Ford’s plants in Illinois, Kentucky, Michigan, Missouri, and Ohio.
The funds should enable Ford to raise the fuel efficiency across a dozen of its popular models, which represent nearly 2 million new vehicles each year, as well as developing hybrid and plug-in models.
The investment underpins the Administration’s recent tightening up of average fuel economy to 35.5 miles per gallon in 2016.
“We can revitalize the American auto industry and at the same time reduce our dependence on oil and cut our carbon pollution,” said Secretary Chu.
For further information:
www.energy.gov
www.ford.com/
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