Government Finally Doles Out Original Aid to U.S. Automakers
Remember that $25 billion in loans that Congress approved to be given to automakers to help them retool their factories to make more fuel-efficient cars? Remember that, way back in last summer, before the world blew up and two of Detroit's Big Three ended up in bankruptcy?
Well, the first bit of that was finally handed out this morning in Michigan by Energy Secretary Steven Chu. Here's who gets what:
-- Ford, which is the only one of the Big Three to refuse bailout money, gets $5.9 billion.
-- Nissan gets $1.6. billion to produce -- in America -- 150,000 electric vehicles annually.
-- Tesla, a small independent maker of electric sports coupes, has applied for and is expected to get $450 million. We'll check back in to confirm this after all the details come out. (UPDATE: Tesla gets $465 million. Bonus.) Click here to see what a Tesla looks like. Currently, the Tesla costs $109,000. The company makes 20 to 30 vehicles per week.
The Tesla Roadster goes 200 miles on a single charge and is a legitimate neck-snapper: It goes zero-to-60 in 4.1 seconds. The Tesla sedan costs about $50,000.
June 23, 2009; 11:20 AM ET
Categories: The Ticker | Tags: Chrysler, Ford, GM, Nissan, Stephen Chu, Tesla, bailout
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