DOE send U.S. auto makers $25 Billion offer to clean up their act

Posted on November 13, 2008. Filed under: Uncategorized |

Forget bailing them out… all they need to do is clean up their act.

DOE issued an Interim Final Rule last week for the Advanced Technology Vehicles Manufacturing Loan Program, which will distribute up to $25 billion in direct loans to automakers and component manufacturers. The loans will help those manufacturers establish new U.S. manufacturing facilities or reequip or expand existing ones within the United States for the production of advanced technology vehicles and the components for such vehicles. To expedite the loans, the rule will become effective as soon as it is published in the Federal Register. To qualify for the loan, the vehicles being manufactured must meet tough emissions standards while achieving a 25% greater fuel economy than similar vehicles sold in Model Year 2005. Applications for the first round of funding are due on December 31. See the DOE press release and fact sheet on the loan program, the loan program Web site, and the full text of DOE’s interim final rule (PDF 1.5 MB). Download Adobe Reader.

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