Ford To Get Loan To Develop Fuel-Efficient Autos

By: Associated Press Email
By: Associated Press Email

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Monday, June 22, 2009

The Energy Department is expected to announce that Ford Motor Co. will receive funds from a $25 billion federal loan program to develop fuel-efficient vehicles.

Congressional officials say Energy Secretary Steven Chu will make the announcement Tuesday in Dearborn, Mich.

Congress approved the loan program last year to help car companies and suppliers retool their facilities to develop green vehicles and components such as advanced batteries.

Dozens of auto companies, suppliers and battery makers have requested a total of $38 billion from the loan program. Ford has asked to get $5 billion by 2011, but it was unclear how much money the automaker would receive.

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