Ford will be the first American automaker to receive what will likely be billions of dollars in loans from the Department of Energy to help them develop and build more environmentally friendly vehicles. MLive reports:
Energy Secretary Steven Chu is expected to arrive in Dearborn on Tuesday to announce a federal loan to Ford to develop fuel-efficient vehicles. The funds come from a $25 billion loan program, which was approved by Congress last year.
The Associated Press reports that dozens of auto companies, suppliers and battery makers have requested a total of $38 billion from the loan program. Ford requested $5 billion; it is not known how much the automaker will receive tomorrow.
GM and Chrysler have also applied for a portion of that money but will apparently not be announced as receiving any at today’s event.