Future of US Advanced Vehicle Loans Uncertain

Loans under the Obama Administration have effectively dried up since March 2011, including freezing funds to Fisker and rejecting applications from Russian steel-maker OAO Severstal and Chrysler Group, LLC

Published: 01-Feb-2013

Energy Secretary Steven Chu said it “remains to be seen in the future” whether about $16 billion in available U.S. government loans to develop alternative- technology vehicles will be disbursed.

Providing money for electric-vehicle development was a component of President Barack Obama’s goal of having 1 million plug-in vehicles on U.S. roads by 2015, a number well above current forecasts.

The goal is “ambitious, but we’ll see what happens,” Chu said after touring displays at the Washington Auto Show, where he looked almost exclusively at alternative-fuel vehicles including Nissan Motor Co.’s Leaf and General Motors Co. (GM)’s Cadillac ELR.

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