Chrysler, GM seek U.S. retooling loans

June 24, 2009

Chrysler, GM seek U.S. retooling loans

Energy officials in talks with carmakers

BY BRENT SNAVELY
FREE PRESS BUSINESS WRITER

U.S. Department of Energy Secretary Steven Chu said Tuesday that his department is in discussions with General Motors Corp. and Chrysler about their applications for a $25-billion retooling loan program intended to spur fuel-efficient vehicle production.

Chu made the comments at Ford’s Research and Innovation Center in Dearborn, where he announced $5.9 billion in loans for Ford Motor Co., $1.6 billion for Nissan and $465 million for Tesla Motors.

Hundreds of Ford employees, Michigan Gov. Jennifer Granholm, U.S. Sen. Debbie Stabenow, D-Mich., UAW Vice President Bob King and other leaders attended the event.

Congress authorized funding for the Advanced Technology Vehicles Manufacturing program in 2008.

To qualify, a company must manufacture vehicles in the United States and be viable — a condition that, at least initially, made Chrysler and General Motors Corp. ineligible.

Chu said he did not have viability concerns about Ford, the only domestic automaker that has not received emergency federal loans. Chu said discussions with Chrysler about funding started immediately after it emerged from bankruptcy. "With regard to GM, we’ve actually already begun the review … hoping they will emerge," Chu added.

GM has submitted three applications to the Department of Energy for $10 billion. Chrysler’s bankruptcy forecasts call for the automaker to receive $6 billion in federal retooling loans.

Free Press staff writers Greg Gardner and Justin Hyde contributed to this report.

Share
Seniority Lists
Recent Posts!
Bargaining Committee

Chairman
Mike Herron
President
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Committeepersons
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

President
Tim Stannard
Chairman
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Guide
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts
GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Neil Osborne
Retiree Chair
Mike Martinez

Get Text Alerts



asdasdsd

*Standard text messaging rates may apply from your carrier