Report: Feds delay auto-tech loans
Ford, Nissan, Tesla and Fisker have closed on their loans while a fifth company, Vehicle Production Group LLC, has been awarded funds but the deal has not yet closed. What's the holdup? That's the question many of the applicants and members of congress are asking.
The DOE has fallen behind schedule on the loan review process, term negotiations and seemingly all other steps involved. Also, due to rising costs involved with the program, it appears that the entire $25 billion will not be doled out. There may be just $10 billion left.
Some companies are still hoping for good news, like electric-vehicle builder Zap. Others, such as automotive parts supplier Tenneco, were approved but have yet to see a dime and have given up waiting.
[Source: Detroit News – sub. req.]
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