Bright Automotive will shut down after the maker of the extended-range plug-in utility vehicles said the federal government took too long to make good on its planned loans to the Michigan-based company, the Wall Street Journal reports, citing a letter company executive sent to U.S. Energy Secretary Steven Chu yesterday.
If you worry that you might lose $10 billion but then only lose $3 billion, is that a success?
Earlier today, General Motors announced that it is withdrawing its request for $14.4 billion in direct loans from the Department of Energy's (DOE) $25-billion program aimed at retooling factories for the production of fuel-efficient vehicles. GM's chief financial officer Chris Liddel, outlined the automaker's choice to cancel its loan request, stating:
To date, only four loans from the DOE's Advanced Technology Vehicles Manufacturing Loan (ATVMP) program have been fully processed: $528.7 million to Fisker, $1.4 billion to Nissan, $465 milion to Tesla and $5.9 billion to Ford. Add them all up, and you get to around $8.3 billion. That might sound like a great amount of money to spur development of cleaner vehicles in the U.S., but if you've been following the ATVMP story, then you know that the program originally had $25 billion to hand out. It'
Coda Sedan – Click above for high-res image gallery
Remember XP Vehicles, the "pre-revenue start-up" that issued a statement 13 months ago saying it was "Extremely Disappointed in DOE Rejection of [its] ATVM Application" and asking people to petition the government to help the company? The rejection came after XP asked for money from the Department of Energy's Advanced Technology Vehicles Manufacturing program (ATVMP) to develop its electric inflatable car concept. XP was not happy with the result. It still isn't. In fact, XP Vehicles announced t
Fisker Sunset – Click for high-res image gallery
Last May, Ford began making the new, more efficient 3.5-liter EcoBoost V6 engine for vehicles like the Ford Flex, Ford Taurus SHO, Lincoln MKS sedan and Lincoln MKT crossover at its Cleveland Engine Plant No. 1. That plant was closed in 2007 (after opening in 1951) but was brought back from the dead in February 2009. Today, Ford announced it is investing $155 million in the plant and will add 60 jobs there. The money is split between $121 million for manufacturing investment at the plant and $34