While in the past it had mixed results from the loan program it set up to promote eco vehicles and producers, the Obama administration wants another go, saying it still has money left over.
While the program worked rather well for America’s electric sweetheart – Tesla – that repaid its loan earlier than anticipated, in the case of Fisker Automotive the taxpayers lost their money. Now, the administration says it has around $16 billion left and wants to rethink the program to allow easier access to suppliers.
“Motor vehicle parts manufacturers play a significant role in the development and deployment of new technologies to meet the demand for fuel-efficient vehicles and we believe the ATVM Loan Program can play an important financing role as the industry establishes the next generation of manufacturing facilities in the United States,” said US Energy Secretary Ernest Moniz.
The Advanced Technology Vehicle Manufacturing program was created back in 2007 and funded in 2008 – having a worth of around $25 billion – but it eventually stalled in 2011 after just five applicants received around $8.4 billion.
Now, the ATVM program could be used to help suppliers – rather than automakers – making it easier to access the cash to companies that make anything – from engines to electronics or even fuel-efficient tires.