Nissan's $1.1 billion loan likely to be approved by DOE
Nissan EV-02 prototype - click above for a high res gallery
The DOE loan that Nissan applied for to help it build electric cars and advanced batteries is likely to be approved for $1.1 billion, according to a report that cited "unidentified sources" in Kyodo News. The loan will probably speed up Nissan's already fast-moving electric car program that is moving forward across the globe. Some of the U.S. city and state governments that are working with Nissan on EVs include Raleigh, Phoenix, Tucson, California; Tennessee; and Seattle. The DOE money would be used to upgrade the company's Smyrna, Tenn., assembly plant and build a new facility for battery production.
The loan would come from the Advanced Technology Vehicle Manufacturing Incentive Program (AVTM) fund, a $25 billion pot that the DOE set aside to help automakers get more efficient vehicles to market. Green Car Advisor says that Nissan is also asking the Development Bank of Japan for another $1.1 billion loan and has already borrowed half that much from the Japanese government.
Gallery: Quick Drive: Nissan EV-02 prototype
[Source: Green Car Advisor]
Reader Comments (Page 1 of 1)
Tim 12:21PM (5/28/2009)
So the US D.O.E. is giving $1.1 Billion of taxpayer money to a Japanese car company so they can compete with the US car companies who have already received $Billions in US Taxpayer money?
The world under the thumb of the Big Gov't, redistributionist, corporate crony Democrat-Socialists and NeoCon Fascists has gone absolutely insane!
Is this the “change” we were promised?
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FitFan 1:05PM (5/28/2009)
It sounds like the money is being used to upgrade a plant in Tennessee, which, the last time I checked, was still in the United States.
DF 2:01PM (5/28/2009)
This is crazy!!! WTF is your government doing? LOL. Thank you American taxpayers ….(says the Lebanese born Brazilian or Brazilian…. whatever). What’s next? Are you going to bailout the French and their Al-Qaeda friends
polo 4:49PM (5/28/2009)
Well...Nissan could close up that plant and have the factory built in France where their are good incentives for automakers going green.....because no amount of American jobs is worth offering incentives for foreign companies to locate or invest here.
Tim 4:57PM (5/28/2009)
Yep, It's fun to take & spend other people's money against their will.
Liberals are Thieves!
FitFan 7:35PM (5/28/2009)
Tim: Liberals are thieves? LOL. Bush didn't ask me if he could spend $1 Trillion on wars in the middle east. You guys lost, so just sit back and relax for a few years.
Tim 10:21PM (5/28/2009)
Fit(Obama)Fan:
Only an ignorant fool believes that GW Bush, the man responsible for the biggest federal power grab and deficit spending in history (next to the Socialists FDR & Obama) was a true "conservative".
TRUE Constitutional Conservatives are NOT fooled by that Fascist, Bush and we're not fooled by that Socialist, Obama and his MARXIST agenda!
Both Bush and Obama hate the rule of law and both hate ANY Constitutional limitations on executive power! Both think they are KING!
Tyrants like them ARE the reasons we have the 1st and 2nd Constitutional Amendments!
brn 12:09PM (5/28/2009)
Let me fix the headline for you:
"Nissan's $1.1 billion bailout likely to be approved by DOE"
There ya go.
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Nick P. 12:38PM (5/28/2009)
This is great news. This is an important part of the Better Place business plan and proves that they were a good partner choice.
Unlike Toyota and Honda who are still betting on Hybrids, Nissan is moving toward full electrics. In fact, since they are borrowing twice that amount from the Japanese government, I would say that they are betting they company on this. Good news.
Plus, they are moving fast, which is a welcomed change for an auto manufacturer...
- Nick -
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Johannes 12:50PM (5/28/2009)
Any money going to speedup the adoption of EVs or Hybrids are a welcome news. I hope Tesla will get their minor share compared to their role they played in getting EVs on the table, though it will be hard for them to raise 250M$ more in this climate.
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lne937s 1:52PM (5/28/2009)
This is good news for the US. Nissan has positioned itself as a leader in automotive Li Ion batteries and electric vehicles. Rather than buying Korean (like the LG batteries in the Volt) or Chinese (BYD, etc.) batteries, domestic automakers could buy batteries made in the US. This is much better than having Nissan build EVs and batteries in one of their other international operations.
And since Nissan is a growing company with positive net worth (unlike any of the Detroit 3), the likelyhood of this loan being paid back in the near future is very high.
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Throwback 2:28PM (5/28/2009)
Any other foreign firms we can give money to? After all our piggy bank is bottomless.
Anyone who thinks this money will only be spent in the US is crazy. Money is fungible and there is no way to trace where it goes.
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polo 4:54PM (5/28/2009)
Can you turn off Fauxnews and Limbaugh for one minutes?! READ:
''Some of the U.S. city and state governments that are working with Nissan on EVs include Raleigh, Phoenix, Tucson, California; Tennessee; and Seattle. The DOE money would be used to upgrade the company's Smyrna, Tenn., assembly plant and build a new facility for battery production."
Are they going to make a fake battery factory out of cardboard? You fanatical rethuglicans are delusional to the extreme.
Throwback 6:16PM (5/28/2009)
Because I don't want my tax money going to a foreign company I am a Limbaugh fan? Now that is funny as anyone who knows me can attest. As I said money is fungible, there is no way to know where the money is going unless the government writes the check out to the contractors. Nissan gets a check, where they spend it is any ones guess. My other point is we don't have any more money. Unless you have not been paying attention we are in debt and going further into debt. At some point our bond holders will want their money back.
polo 8:13PM (5/28/2009)
-Because I don't want my tax money going to a foreign company I am a Limbaugh fan?
Usually only Limbaugh fans are capable of that kind of absurd stupidity....and just look at the other gems you posted...usually folks with that level of intellect like to clump together.
-"there is no way to know where the money is going unless the government writes the check out to the contractors. Nissan gets a check, where they spend it is any ones guess."
Case-in-point. Obviously the loans are conditional on the stated upgrades and the building of the battery plant (something it would not be to hard to verify if done), and the loan amount would correlate with those costs. It sounds like you're insinuating Nissan is involved in some kind of scam to defraud the government, which is utter stupidity.
-"My other point is we don't have any more money. Unless you have not been paying attention we are in debt and going further into debt."
I see you haven't been paying attention because this country has been a debtor nation for a while now. Politics and economics existed before you turned on Fauxnews and heard the shocking revelation that "we don't have any more money". You obviously don't have a clue what would happen if that were even remotely true, or you won't be saying it. I do know that if our government started some insane policy of shutting down well-paying jobs and allowing them to go somewhere else (simply because the company is foreign owned) would be a pretty major signal for countries financing our debt to start looking into other currencies fast....which would then bring about that "no more money" scenario you're harping on.
Mark 11:08PM (5/31/2009)
Throwback, we can give all our tax payer dollars to GM so they can close all the US factories and keep their foriegn companies open so you can keep a foriegn employee working buying their cars with more US dollars. Sounds like a good plan. At least Nissan is in the US keeping US employees working and that's alot more than you can say about your US car company GM.
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