Who is next for $17B in DOE auto loans?
The U.S. Department of Energy (DOE) is giving Ford, Nissan and Tesla Motors the boost for which they’ve been waiting, but Chrysler, General Motors and Think Global could be some of the next in line. The DOE announced $8 billion in its first conditional loan commitments yesterday to develop advanced vehicle technologies, with the first winners being $5.9 billion for Ford Motor (NYSE:F), $1.6 billion to Nissan North America (NASDAQ:NSANY) and $465 million to Tesla Motors. Terms of the loan guarantees were not disclosed. The only surprise was Nissan, said Bruce Harrison, associate director of IHS Global Insight’s Automotive Group, which provides industry analysis, forecasts and data for the auto industry. Harrison told the Cleantech Group that, World Trade Organization issues aside, he was surprised to see U.S. taxpayer dollars go to a foreign company. General Motors and Chrysler are most likely disappointed they didn’t receive loan guarantees, but Harrison said he suspects the automakers
