The Obama administration is expected to disclose Tuesday that
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
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
A spokeswoman for Chu declined to comment, as did spokesmen for Ford, Tesla and Nissan.
Dozens of auto companies, suppliers and battery makers have sought a total of $38 billion from the loan program, the
reports. Ford has asked to receive $5 billion in loans by 2011, but it was unclear how much money the automaker would receive. Nissan has applied for an undisclosed amount of assistance, while Tesla has sought $450 million.