The Obama Administration’s Energy Secretary, Steven Chu, has announced electric car company Tesla will be lent $US456 million to develop an electric sedan and the accompanying battery packs.
The loan comes from a $US25 billion fund designed to assist carmakers restructure their companies so they can produce vehicles that are 25% more fuel-efficient than their 2005 models.
So far, $US8 billion has been loaned to Ford, Nissan and Tesla.
“We have a historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” Obama said in a statement.
“These loans… will create good jobs and help the auto industry to meet and even exceed the tough fuel-economy standards we’ve set while helping retain our competitive edge in the world market.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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