Ford Gets $5.9bn from DOE

23 June, 2009 02:34:00

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Ford will receive $5.9 billion in loans through 2011 to help finance numerous engineering advances to traditional internal combustion engines and electrified vehicles.

In addition, theses loans will help the company convert two truck plants to the production of cars.

Ford will be raising the fuel efficiency of more than a dozen popular models, including the Focus, Escape, Taurus and F-150, representing close to two million new vehicles annually and helping to transform nearly 35,000 employees to green engineering and manufacturing jobs in factories across 5 states: Illinois, Kentucky, Michigan, Missouri, and Ohio.

Ford is driving a major upgrade, leveraging a portfolio of technologies, including the direct injection, smart turbocharging EcoBoost engine, advanced transmissions, and new hybrid technologies.

The facilities that will be impacted by today's announcement include: Chicago Assembly, Louisville Assembly, Dearborn Assembly, Dearborn Engine, Livonia Transmission, Michigan Assembly, Van Dyke Transmission, Kansas City Assembly, Cleveland Engine, Lima Engine, and Sharonville Transmission.

DOE’s loans for Nissan, Tesla Motors and Ford are the first conditional loan commitments reached as part of the Department of Energy’s Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program over the next several months to large and small auto manufacturers and parts suppliers up and down the production chain.

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