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Loans for manufacturing electric cars

Advanced Technology Vehicles Manufacturing Loan Program

January, 2010: Japan's 3rd largest car producer Nissan received a US$1.4 billion loan from US Department of Energy to upgrade its Tennessee factory for manufacturing of electric cars. Zero-emission electric vehicles will be powered by lithium-ion batteries.

In 2007 the USA government has setup 'Advanced Technology Vehicles Manufacturing Loan Program' with US$25 billion budget to assist car manufacturers in transition to building cars with low pollution emissions. The goal of this program is to reduce US dependence on fossil fuel energy, reduce pollution and at the same time assist US economy.

Detroit car manufacturer Ford received US$5.9 billion loan in the late 2009, and two Californian automotive companies Tesla Motors Inc. a startup electric car manufacturer received $465 million as well as Fisker Automotive received $528.7 million.

In November 2008 the Australian Government prommissed AUD$6.2 billion over the next 13 years to help boost national car manufacturing. There was no mentioning of electric cars production.

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