Nissan, Ford and Tesla get electric car development loans

If you had any doubt that the U.S. government was not committed to helping to reduce our carbon emissions, then you would be wrong. Engadget informs us that Nissan, Ford and Tesla have all received loans from the Department of Energy’s Advanced Technology Vehicle Manufacturing program.

Telsa has received a loan for $465 million, most of the money will go towards its Model S factory, the reaming $100 million will then go to its funding of an electric powertrain manufacturing facility. This facility will sell parts, such as motors and battery packs to other carmakers.

It is not just Telsa that received a huge loan, Nissan received a massive $1.6 billion, this will be used to build batteries and Evs. It has also been reported that Ford has received $5.9 billion to help them build two new electric cars.

This is certainly a great time when it comes to the development of electric cars, let us hope that these carmakers spend their money wisely.