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Ford, Nissan to Get Retooling Loans: Report

Stock quotes in this article: F , NSANY  

The Obama administration is expected to disclose Tuesday that Ford(F Quote), Nissan(NSANY Quote) and Tesla will receive funds from a $25 billion loan program created by Congress to help automakers retool their factories to make advanced-technology vehicles, reports say.

Energy Secretary Steven Chu plans an announcement Tuesday morning in Michigan, according to government officials familiar with the matter, the Wall Street Journal reports.

The loans are designed to help automakers revamp plants to produce new models that are at least 25% more fuel-efficient than vehicles made in 2005, the Journal notes. ...

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