Cars tesla-production-big-2

Published on September 4th, 2013 | by Important Media Cross-Post

0

US Government Reinstates ATVM Loan Program

September 4th, 2013 by  

Originally published on Gas 2.
by Chris DeMorro

tesla-production-big-2

2012 was a year of political football for American automakers new and old, with Republicans and Democrats punting GM, Tesla, and Fisker back-and-forth before the presidential election. It got so bad that President Obama put a temporary hold on the Advanced Technology Vehicle Manufacturing green loan program, but that hold has been lifted and applicants are encouraged to apply once again.

Though the program was on the chopping block as recently as July, it has been granted a second shot at life. Launched by President George W. Bush, the ATVM loan program was funded with $25 billion by Congress in the fall of 2008, though the program has mostly been linked to Obama. Of the available $25 billion, only about $8 billion has been loaned out so far; $5.9 billion went to Ford, $1.6 billion went to Nissan, Tesla Motors got $495 million, Fisker received $529 million (though they only drew down about $170 million), and $50 million went to the Vehicle Production Group.

The program was put on hold after questions arose regarding Fisker’s ability to deliver on its promises before the plug-in hybrid maker ceased production. Soon thereafter VPG also ran out of money and had to close shop, raising serious questions about the program, even though Tesla has repaid their loans back in full, while Ford and Nissan are paying theirs down (with a tidy profit for the Feds).

There are still $15 billion in the ATVM coffers to hand out, and the government is encouraging potential applicants to apply. While that doesn’t do companies that already went bankrupt waiting for government money any good, there are still plenty of startups out there that could desperately use a cash infusion to get them going.

Is this a good thing? Depends entirely on whom you ask. While Tesla was a home runFisker was a bad loan from the get-go. If stricter safeguards are in place regarding who gets the money though, the ATVM program could go down as one of the more successful government schemes in recent history.

Source: Bloomberg 
 
Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.”
 
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.

 

Tags: , , , , , , , , , , , , , ,


About the Author

-- CleanTechnica is one of 18 blogs in the Important Media blog network. With a bit of overlap in coverage, we sometimes repost some of the great content published by our sister sites.



Back to Top ↑
  • Advertisements

  • Top Posts & Pages

  • Cool Cleantech Events

    Low Voltage Electrification Event, April 25-27. Detroit, Michigan (US)
    Delve deep into the benefits and challenges associated with EV power supply.

    Offshore Wind Market Development USA, May 11-12, Boston, Massachusetts (US)
    Network and establish your business in one of North America’s largest energy industries.

    Energy Storage USA, June 15-16, San Diego, California (US)
    Only event in the United States focused exclusively on the commercialization of storage.

    More details are on: Cleantech Events.

  • Advertisement

  • CleanTechnica Electric Car Report

    Electric Cars Early Adopters First Followers
  • Tesla Model 3 Review by EVANNEX

    Tesla Model 3 Review from EVANNEX
  • Tesla Model 3 Exclusive Video

    Tesla Model 3 Video
  • Tesla Model 3 Exclusive Pictures

    Tesla Model 3 Video
  • Tesla Model X Review #1 (Video)

    Tesla Model X Review from new owners Zach Shahan
  • Tesla Model X Review #2 (Pictures)

    Tesla Model X Review from Kyle Field
  • Tesla Model S Long-Term Review

    Tesla Model S Long Term Review from Kyle Field
  • Nissan LEAF Long-Term Review

    Nissan LEAF Long Term Review from Cynthia Shahan
  • Interview with Michael Liebreich

    Interview with Michael Liebreich
  • Interview with Akon (Teslas & Solar)

    Interview with Akon Tesla Model S Tesla Model X Solar Power Africa
  • Interview with Dr Nawal Al-Hosany

    Interview with Dr Nawal Al-Hosany
  • Interview with Gro Brundtland

    Gro Brundtland
  • Interview with President of Iceland

    President of Iceland Ólafur Ragnar Grímsson
  • Interview with Nick Sampson

    Faraday Future VP Nick Sampson
  • Interview with Dipal Barua

    Dipal Barua 1st ZFEP WInner
  • Interview with Jonathon Porritt

    Jonathon Porritt
  • Interview with Clint Wilder

    Interview with Clint Wilder
  • Interviews with Solar Impulse Pilots

    Bertrand Piccard Andre Borschberg
  • Check out more CleanTechnica Videos.

  • Join The Solar Revolution!

    Edison-solar-energy solar-energy-spill-nice-day
  • Cost of Solar Panels

    cost-of-solar-down
  • Search the IM Network


Shares