It was just yesterday that Secretary of Energy Steven Chu came to Michigan to announce $5.9 billion in federal loans to help Ford develop and build the environmentally friendly cars of the future, but already the automaker and their benefactors in Congress are looking to nearly double that amount.
Ford Motor Co. executives are hoping for billions of additional dollars in government technology loans if congressional efforts to double the amount of money are successful.
Ford, the only U.S. automaker operating without federal bailout money, applied for $11 billion in technology loans. All of Ford’s projects were approved by the Department of Energy, said Sue Cischke, Ford group vice president of sustainability, environment and safety engineering.
But the $5.9 billion awarded to the company today is “probably” all that Ford will receive out of the $25 billion pool currently available.
“If they raise the appropriations from the $25 billion to the $50 billion, we qualify — so we’ll see,” Cischke said.
The money already appropriated will help Ford more broadly use the EcoBoost engine, which, according to Ford’s website, “uses gasoline turbocharged direct-injection technology for up to 20 percent better fuel economy, 15 percent fewer CO2 emissions and superior driving performance versus larger displacement engines.”