Chrysler Withdraws Gov't Loan Ap for Hybrids, Electric Cars

Chrysler's Marchionne expressed frustration about the DoE's lengthy process, smaller loan amount and restrictive terms

Published: 19-Feb-2012

Chrysler said Thursday that it will no longer seek a U.S. Department of Energy loan to fund the development of gas-electric hybrids and electric vehicles.

"The Department of Energy's proposed terms were very restrictive and compliance would have negatively affected our operational flexibility," Chrysler said in a statement.

Chrysler CEO Sergio Marchionne said last April the company needed the loan to be competitive.


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