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Ford to get $5.9-b US aid to roll out fuel-efficient cars

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Ford to get $5.9-b US aid to roll out fuel-efficient cars

by Keith Naughton

Posted on 24 Jun 2009

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Michigan: Ford Motor, the only US automaker not receiving emergency federal loans, will get $5.9 billion in government financing to accelerate production of fuel-efficient cars. Ford will be among the first recipients of the loans in a $25 billion Energy Department program to promote production of the vehicles with improved fuel economy, the agency said on Tuesday in a statement. Nissan Motor will get $1.6 billion, and Tesla Motors received approval for $465 million.

US Energy Secretary Steven Chu was scheduled to visit Ford's hometown of Dearborn, Michigan, to make the announcement in front of the automaker's chief executive officer, Alan Mulally, and Michigan Governor Jennifer Granholm, a Democrat. The energy loans are separate from bailouts given to General Motors and Chrysler. Congress created the technology development loans in the 2007 energy bill to help automakers boost fuel economy in their vehicle fleet by about 40%, to 35 miles (56 kilometers) per gallon by 2020.

Ford may use some of the financing to help pay for a $550 million conversion of a Wayne, Michigan, sport-utility vehicle factory to production of the Focus small car, including an electric version, the automaker has said.

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