Ford, Nissan, and Tesla land $8 bn DOE financing (Funding)

Ford, the only Big Three automaker not receiving emergency federal loans, will get $5.9 billion in DOE financing to accelerate production of fuel-efficient cars. Nissan will also be receiving $1.6 billion in loans to construct an EV factory and battery facility at its Tennessee manufacturing base, and Tesla was successful in securing $465 million to develop its Model S sedan, and to build a manufacturing and electric powertrain facilit y in California.

"By supporting key technologies and sound business plans, we can jump-start the production of fuel efficient vehicles in America," said Energy Secretary Steven Chu said. "These investments will come back to our country many times over -- by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions."

(Source: LA Times, Detroit Free Press, June 23, 2009). Contact: Kimberly Harry, Corporate Communications, Ford, (313) 845-5167, kharry1@ford.com, www.ford.com; Nissan, www.nissan-global.com, NEC, www.nec.com; Automotive Energy Supply, www.eco-aesc.com/en/; Rachel Konrad, Senior Communications Manager, Tesla Motors, (650) 701-2664, rachel@teslamotors.com, www.teslamotors.com.