The Energy department of the US government have given Ford, Nissan and Tesla a total sum of $8 billion. This money is going to be used to create new jobs while developing fuel efficient cars for the future.
The money is simply a low interest loan which the US has given out to help increase jobs in the car industry, aswell as developing greener cars in the process.
The money is being split into different sums. Ford has been given the majority of the loan, $5.9 billion. This money is going to be spent developing new technology for gasoline powered cars, aswell as developing new ranges of electric cars.
This money is very good for Ford because of the very low interest rate of 3.75%. If they had attempted to get this money on the market, they would have had to pay interest rates in the double figures.
As for Nissan, they are getting the second biggest chunk of the cash, $1.6 billion. They said that this money will be spent on a plant they have that is making lithium ion batteries. The new batteries developed will be going into a new electric car in development for 2012.
Finally Tesla, they are only getting a small sum comapred to the likes of Ford. Only $465 million is going to them in loans. A large lump of the money will be used to develop a new factory to create their new Model S Sedan. The other chunk of their loan will be going to make new car parts for other manufacturers.
Hopefully, with this loan given to the car makers, we will see some new fuel efficient cars being developed for the market. It would save even more money for leasers if you could choose an electric car. 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.
Get valuable points of view in the sphere of free car loan calculator - your individual knowledge base.