/ News, Other / Energy Department Offers No Loan Despite Funds

Energy Department Offers No Loan Despite Funds

Linked In Share
Energy Department Offers No Loan Despite Funds

The Energy Department announced it will not offer any loans from the $25 billion auto loan program which the Congress started in 2007.

According to the report, the Energy Department will no longer offer any loans even if there is still $16.6 billion left and seven applications pending. The Advanced Technology Vehicle Manufacturing loan program offered Ford $5.9 billion, Nissan received $1.4 billion and Tesla Motors Inc. and Fisker Automotive Inc. got $500 million.

It’s been more than two years since Energy Department hasn’t offered any new loan, fuelling rumors that this happened due to the collapse of solar panel startup Solyndra LLC. In 2012 the government withdrew a previously announced a $730 million loan for the Dearborn plant owned by the North American unit of Russian automaker Severstal OAO.

According to the Government Accountability Office’s report, the Energy Department told auditors it “was not actively considering any applications for using the remaining $16.6 billion in loan authority or $4.2 billion” in funds appropriated by Congress in 2008.

“The draft report acknowledges that DOE is not likely to use the remaining Advanced Technology Vehicles Manufacturing loan program authority under the current eligibility requirements,” said David Frantz, the head of the Energy Department loan programs office.

by Ana Cezara Savin (my Google+) - Monday, March 18th, 2013 - filed under News, Other. Image credit: .
Linked In Share
Related Articles
energy department funds loans


Discuss: Energy Department Offers No Loan Despite Funds

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

F1 insider claims Force India ‘insolvent’
F1 insider claims Force India ‘insolvent’Jan.28 (GMM/Inautonews.com) The latest team in serious peril is Force India, according to an insider. The Silverstone based ...
Force India to sit out Jerez test
Force India to sit out Jerez testJan.28 (GMM/Inautonews.com) Force India has announced it will sit out the first winter test of 2015. It was already known that, ...
2015 Infiniti Q70 gets large photo gallery
2015 Infiniti Q70 gets large photo galleryA lot of images with the recently unveiled 2015 Infiniti Q70 have been recently released by the Japanese based automaker. The ...
[VIDEO] Honda Civic Type R to debut in Geneva – official
[VIDEO] Honda Civic Type R to debut in Geneva – officialThe brand new Honda Civic Type R will be officially unveiled in a world premiere in March, during the 2015 Geneva Motor ...
Alpine Vision Gran Turismo goes official
Alpine Vision Gran Turismo goes officialThe wraps have been pulled off the brand new Alpine Vision Gran Turismo as the model will be offered as part of the free update ...
New-gen Kia Sportage spied near the Arctic Circle
New-gen Kia Sportage spied near the Arctic CircleThe South Korean based carmaker Kia is currently testing out the new generation of the Sportage as the model in question has been ...
Ferrari 458 M spy shots
Ferrari 458 M spy shotsNew spy images with the Ferrari 458’s successor, the so-called 458 M, are popping onto the web. There is no surprise any more ...
For sale – Crashed Lamborghini Huracan for 6,400 EUR
For sale – Crashed Lamborghini Huracan for 6,400 EURA crashed unit of the Lamborghini Huracan is currently looking for a new owner who will have to pay 6,400 euros before getting ...
US: hot new cars to own in 2015
US: hot new cars to own in 2015Smokin’ is the name of the game and scorching hot is the end result. This is the way we should treat auto sales this year, ...
Jaguar XJ facelift playing in the snow
Jaguar XJ facelift playing in the snowThe flagship sedan made by Jaguar, the XJ, is getting ready to receive a minor facelift as a test mule has been caught on camera ...
[VIDEO] One-off Pagani Zonda 760 Roadster
[VIDEO] One-off Pagani Zonda 760 RoadsterAnother version of the Pagani Zonda has been recently spotted out, a brand new one-off Zonda 760 Roadster. Pagani said a few ...
US: January is forecasted as a hot winter month for auto sales
US: January is forecasted as a hot winter month for auto salesThe latest predictions from analysts and industry experts call for a seasonally adjusted, annualized selling rate of new cars and ...
Facelifted Ferrari FF caught on camera
Facelifted Ferrari FF caught on cameraThe Ferrari FF is getting ready to receive a mid-life facelift as test mules of such a model are popping onto the web. Ferrari ...
[VIDEO] Mercedes’ Super Bowl ad stars the AMG GT
[VIDEO] Mercedes’ Super Bowl ad stars the AMG GTThe newest sports car in Mercedes’ lineup, the AMG GT, is the star of the brand new Super Bowl ad, released by the car ...
Recall roundup: Volkswagen, Audi and Porsche vehicles for fire risk
Recall roundup: Volkswagen, Audi and Porsche vehicles for fire riskThe Volkswagen Group has recently announced a recall for several of its vehicles and also for some developed by Audi and Porsche ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

2015 Infiniti Q70 1
Alpine Vision Gran Turismo 1
Spy-Photo
Spy-Photo
Spy Photo Jaguar XJ Facelift 001
Spy-Photo
BMW M135i facelift 1
Skoda Fabia Scout Combi 1
mercedes-benz gle 450 amg sport jurassic park 1
Toyota RND Concept 1
iggy azalea ferrari 458 spider 1
New Mitsubishi concept teased for Geneva 1

More automotive from inautonews
A lot of images with the recently unveiled 2015 Infiniti Q70 have been recently released by the Japanese based automaker. The facelifted version of the Infiniti Q70 is being placed into the spotlights once again, after being officially unveiled in the fourth quarter of last year, this time with ...
read more
Inautonews Editors Section
US: hot new cars to own in 2015
US: hot new cars to own in 2015Smokin’ is the name of the game and scorching hot is the end result. This is the way we should treat auto sales this year, since anyways most ...
Tips for fuel-efficiency driving during winter conditions
Tips for fuel-efficiency driving during winter conditionsEven though the gas bills are nowhere near the level they were last winter, especially in the US – where a gallon of gas can be purchased even ...
Is the auto industry ready for the aluminum revolution?
Is the auto industry ready for the aluminum revolution?While the fact that a vehicle can have aluminum body has come to widespread attention ever since Ford announced that its best-selling F-150 truck has ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Recall roundup: Volkswagen, Audi and Porsche vehicles for fire riskThe Volkswagen Group has recently announced a recall for several of its vehicles and also for some ... Super Bowl weekend raises concerns over California drunk-driving accidentsThe day when the National Football League championship match would become history is very near and ...
Safety Section