Rules set for $25 billion U.S. auto loan program

  • 15-Nov-2008 08:55 EST

The U.S. Department of Energy (DOE) on Nov. 5 revealed details of the rules it will use in disbursing federal loans to automakers and component makers. To be considered for the first round of loans from the Advanced Technology Vehicles Manufacturing Incentive Program and its $25 billion pot, companies must apply by Dec. 31. The DOE is not sure when the first disbursements will be made but promises a "quick review" of applications. The rule spells out the conditions a company, and the program for which it is seeking aid, must meet. One condition is that the program result in "meaningful improvements in fuel-economy performance."

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