The Obama administration has approved $8 billion in loans for the development of greener vehicle technology for Ford, Nissan, and Tesla, in an effort to stimulate the growth of green jobs and to reduce the nation's dependence on foreign oil.
"The loan commitments announced today by the President include $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce 13 more fuel efficient models; $1.6 billion to Nissan North America, Inc. to retool their Smyrna, Tennessee factory to build advanced electric automobiles and to build an advanced battery manufacturing facility; and $465 million to Tesla Motors to manufacture electric drive trains and electric vehicles in California," according to the Department of Energy.
All three manufacturers are well positioned with various green initiatives underway. Ford has the stellar Fusion Hybrid and the popular Escape Hybrid; Nissan has the Altima Hybrid and has committed to being the first manufacturer to mass-market all-electric cars; and Tesla is finally beginning to churn out its Roadsters in earnest, ahead of the development and mass production of the Model S sedan.
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