No DOE ATVM loan money for GM and Chrysler

The same rules that could potentially end up keeping Tesla from qualifying for low interest loans from the Department of Energy Advanced Technology Vehicle Manufacturing Incentive Program are also keeping General Motors and Chrysler out of the running. In order to qualify for the loan program, an applicant must put up matching equity funds and demonstrate financial viability. Based on the Obama administration's evaluation of the automakers viability plans last week, neither company qualifies right now. At this point, Ford is the only automaker that has applied for the programs that would qualify. The first round of loans are expected to be awarded by next month. It's still possible that either or both of the automakers may get the money if some agreement can be reached between the Energy and Treasury departments. GM wants $2.6 billion to develop and tool up additional vehicles based on the Voltec platform.

[Source: Detroit Free Press]