Ford Draws $5.9B in Loans for Fuel-Efficient Cars
DEARBORN, MI --- Ford employees gave U.S. Department of Energy Secretary Steven Chu a standing ovation today when he announced that the automaker would receive $5.9 billion in loans for the development of fuel-efficient cars, the Detroit Free Press reported.
DEARBORN, MI --- Ford employees gave U.S. Department of Energy Secretary Steven Chu a standing ovation today when he announced that the automaker would receive $5.9 billion in loans for the development of fuel-efficient cars, the Detroit Free Press reported.
"The American innovation machine, when revved up, is without a doubt the best in the world," Chu said while speaking at Ford's Research and Innovation Center.
Chu announced an $8-billion loan package that also includes $1.6 billion to Nissan and $465 million to Tesla Motors. The loans are the first from a $25-billion program created in 2007 and authorized by Congress last year, the Detroit Free Press reported. Ford plans to use the $5.9 billion in loans to retool 11 plants in five states, including Michigan Assembly in Wayne, MI.
Ford President and CEO Alan Mulally said the company plans to spend a total of $14 billion in the United States on advanced technology over the next seven years. Ford hopes to draw on the first portion of the loans within 35 days.
"This is the kind of partnership that will help American manufacturing not just survive, but thrive," Mulally said. "Ford intends to be the fuel economy leader."
Chu said he has been talking to Mulally every two to three days in an effort to complete the review process.
More Green Fleet
The EV Breakdown Nobody's Talking About: Why Most Electric Vehicle Roadside Calls Aren't Mechanical Failures
Here's why EV breakdowns are widely misunderstood.
Read More →
ChargePoint Now Available in Energy Pass
ChargePoint and additional planned charging network integrations were added to GM's Energy Pass.
Read More →
First Look: Slate Auto's Electric Fleet Pickup
Could an affordable, modular EV pickup make electrification more practical for fleets?
Read More →
Slate Debuts Colorful, Unique EV Models
A recent media and client event, studded with electric vehicles dressed up on platforms, planted a new position for the manufacturer in the wider EV market. Fleets will find cost-saving advantages.
Read More →
Slate Electric SUV, Pickup Switchable Model Aims For Light-Duty Fleets
Everything about this EV is counterintuitive and understated, making it stand out from the crowd.
Read More →
Inspiration Mobility Acquires Key Electrada Assets
Inspiration Mobility Group has acquired select assets of Electrada, adding the fleet electrification provider's team, technology, and charging infrastructure development capabilities to its energy management business.
Read More →
Turning Connected Vehicle Data Into Decisions That Matter
Fleet leaders have more data than ever, but turning that data into clear, actionable decisions remains a challenge. This white paper shows how leading organizations are using connected vehicle data to improve safety, reduce costs, and optimize fleet performance. Learn how to turn insight into action across your fleet.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
Hybrids: Electrification Without the Challenges
For fleet managers, fuel is one of the biggest line items in the budget — and it's one hybrids can shrink without changing how your people work. Download the eBook to see the numbers, understand the technology, and get a step-by-step guide to making the switch.
Read More →