The Department of Energy announced yesterday they finalized a loan of $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce more fuel efficient models.
The loan is part of the Department’s Advanced Technology Vehicles Manufacturing program, which supports the development of innovative, advanced vehicle technologies. The loan for Ford Motor Company is the first to be finalized since the program was appropriated by Congress in the fall of 2008.
This announcement builds on steps taken by the Obama Administration earlier this week to require an average fuel economy of 35.5 miles per gallon from U.S. automakers by the year 2016. That standard will reduce oil consumption by an estimated 1.8 billion barrels, prevent greenhouse gas emissions of approximately 950 million metric tons, and save the average car buyer more than $3,000 in fuel costs. The funding announced today will help Ford meet those targets.






























