General Motors, Chrysler now eligible for ATVM re-tooling loans
A year ago, both companies were still stumbling toward bankruptcy and were clearly not considered viable. Now that both companies have eliminated tens of billions of dollars in debts and liabilities, the DOE is reconsidering their applications. GM has applied for a total of $14.4 billion in loans while Chrysler is seeking $8.55 billion. The automakers and the DOE have to work out the details of the projects that might be funded, all of which must include competitive technologies and show signs that the loans can actually be repaid. Ford, Nissan, Tesla and Fisker have all previously been approved for the program and received the bulk of the $9 billion disbursed so far.
[Source: Detroit News]
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