According To Paul
We've been waiting for several months to hear this good news. Three EV pioneers, Tesla, Nissan and Ford, are receiving loans from the Department of Energy’s Advanced Technology Vehicles Manufacturing program. Totaling $8 billion, the funds will be used to manufacture efficient vehicles and electric drive components.
In Tesla's case, they'll receive a total of $465 million to set up their factory in Southern California for the production of their hot Model S. This car has generated a lot of interest given its superb styling, performance and efficiency. The price point of $57K makes it affordable for a large segment of the population. Part of the money will be used to set up a production line for their battery packs and electric drive trains to be sold to other manufacturers such as their new partner, Daimler.
Nissan will receive $1.6 billion to build EV and battery factories in Tennessee. Having experienced the drive train for their new EV, I am very pleased that this will enable them to ramp up quickly to 150,000 EVs annually. This car will appeal to a larger segment of the population given its price of around $30K.
Ford is the big surprise for me. They're getting the lion's share of the money at $5.9 billion. They'll use it to increase the efficiency of several of their cars and trucks. I assume some will go toward building their new EV with the help of Canadian parts supplier, Magna.
This announcement assures that large numbers of electric vehicles will be available to U.S. customers starting late next year and growing rapidly soon after. Additionally, tens of thousands of jobs will be created.
There will more announcements to come. I'm betting that Bright Automotive in Indiana will be on the next list of recipients. They sure deserve to be.
Wednesday, June 24, 2009
According To Paul