[jimotis4heisman]

The Columbus Dispatch - News

WASHINGTON (AP) -- The Energy Department is lending money to the Ford Motor Co. and two other automakers from a $25 billion fund to develop fuel-efficient vehicles, congressional officials say.
Energy Secretary Steven Chu was scheduled to announce the loan funding for Ford, Nissan Motor Co. and Tesla Motors Inc. on Tuesday in Dearborn, Mich., the officials said. They requested anonymity because an official announcement was pending.
Dozens of auto companies, suppliers and battery makers have sought a total of $38 billion from the loan program. Ford has asked to receive $5 billion in loans by 2011, but it was unclear how much money the automaker would receive. Nissan has applied for an undisclosed amount of assistance, while Tesla has sought $450 million.
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The loans were designed to help the auto manufacturers meet new fuel-efficiency standards of at least 35 miles per gallon by 2020, a 40 percent increase over current standards.
General Motors Corp. and Chrysler Group LLC have received billions of dollars in federal loans to restructure their companies through government-led bankruptcies, but Ford avoided seeking emergency aid by mortgaging all of its assets in 2006 to borrow about $25 billion.
General Motors has requested $10.3 billion in loans from the program, while Chrysler has asked for $6 billion in loans. Energy officials have said the loans could only go to "financially viable" companies, preventing GM and Chrysler to qualify for the first round of the loans.
Ford has sought a total of $11 billion from the loan program and has previously said it would invest $14 billion in advanced technologies over the next seven years. The loan application, which was submitted by the company late last year, would help Ford finance the investment.
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some call it energy development fuel efficiency assistance, i call it another multi billion dollar govt aid protectionist bailout...