Green Car Manufacturers Receive $8 Billion Loan
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The car companies Ford, Nissan and Tesla have been given a combined sum of $8 billion by the Energy department of the US government. This money is going to be used to create new jobs while developing fuel efficient cars for the future.
The money is designed to help increase jobs in the car industry, aswell as developing new green cars in the process.
The money has been split quite largely. Ford have been given the majority, $5.9 billion. This money will be used to develop new electric cars.
This money given to Ford has been very handy because of the extremely low interest rate of around 3.75%. If they had tried to get this money on the open market, they would have to expect to pay double figured interest rates.
The second largest amount of the loan will be going to Nissan who are getting $1.6 billion. They have said that this money will be going towards one of their plants that are developing lithium ion batteries. These car batteries will be going into a new electric car being developed for 2012.
Finally, Tesla are only going to receive a small amount of the total loan. Tesla are only receiving a loan of $465 million. A big lump of their money will be going to develop their new Model S Sedan which will require a new factory in California. The other part of their loan will be going towards building parts for other car makers.
With this money under their belts, we should start to see a large number of electric cars being released in the market. Having the ability to choose an electric car when leasing would save you even more cash. I imagine a huge number of people with a Ford lease or Nissan lease would love to have an electric car as this would save them even more money.
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