Nissan’s loan of $1.1 billion approved by DOE
Earlier this week, Nissan officials indicated they were planning on a loan. That’s of up to $1.1 billion from the U.S. Department of Energy’s Loan Program Office (LPO). All to help fund the development of its LEAF electric vehicle. The company announced that it planned to use the funds to help finance the expansion of the company’s domestic manufacturing operations as well as the production of the all-electric vehicle, due for release at the end of 2010.
It is this last aspect that has led some commentators to suggest that Nissan may have misfired in its attempts to rally support for the loan. If it does so, Nissan may see its attempts to attract green consumers backfire as consumers become increasingly concerned about the role of big oil companies. For that’s such as ExxonMobil and BP in funding this. In addition to other projects that have a negative impact on the environment.
Video Interview Beforehand
After I did a video interview with the head muckidimucks at Nissan at Bear Mountain State Park in NY. They held ride and drives of their test cars and dedicated themselves for moving forward on an electric car program. One that Nissan applied for to more importantly help them build electric cars and advanced batteries. For it is likely to be approved for $1.1 billion. That’s also according to a report. One that cited “unidentified sources” in Kyodo News.
Move Electric Cars Forward
The loan will probably speed up Nissan’s already fast-moving electric car program. One that is moving forward across the globe. Some of the U.S. city and state governments. Those that are working with Nissan on EVs.
For that includes:
- and Seattle.
The DOE money would be used to upgrade the company’s Smyrna, Tenn., assembly plant. For it will also build a new facility. All for battery production.
Nissan Loan Concerns
It is this last aspect that has led some commentators to suggest that Nissan may have misfired in its attempts to rally support for the loan. If it does so, Nissan may see its attempts to attract green consumers backfire as consumers become increasingly concerned about the role of big oil companies such as ExxonMobil and BP in funding this and other projects that have a negative impact on the environment.
Nissan’s 1.1 Billion Loan Likely to be Approved by DOE
As you probably know by now, Nissan has applied for a loan from the DOE that is worth $1.1 billion dollars. This loan will give Nissan the funds necessary to retool their manufacturing facilities to accommodate production of electric cars. They are currently looking at ways to take advantage of the currently low interest rates on loans to help pay off the loan.
A profit-making company like this one (Nissan) will have a lot to gain. Especially by producing more electric cars in the near future. This can also only help the environment. For they save money on fuel costs.
In addition, the loan was approved so spread the word. Especially about what this means for the environment and for the future of our country.
Source: Press release: “Department of Energy Finalizes $1.4 Billion Loan Guarantee to Nissan” published on the Department of Energy website on January 28, 2010. URL: https://www.energy.gov/articles/department-energy-finalizes-14-billion-loan-guarantee-nissan