Nissan seeks U.S. loans to develop electric vehicles
For the first time in nine years, Nissan is expected to post an annual loss, and it's a biggie. Early estimates place the shortfall at about $2.9 billion, and the Japanese automaker has responded by announcing job cuts totaling 20,000 workers.
According to the Energy Department, 75 applications for funding from the Advanced Technology Vehicles Manufacturing Incentive Program have come in and 26 of those, including the one from Nissan, have moved passed the initial screening process. The Detroit 3 have each submitted proposals that total about $22 billion in financing combined.
[Source: Reuters | Image: Akihiro I/Getty]
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