U.S. loans $1.4 billion to Japan’s Nissan for Tennessee plant
The Obama administration has closed a $1.4-billion loan agreement with Nissan to build its new Leaf electric car. The company says this loan will lead to 1,300 new jobs at its Smryna, Tenn., facility, where the vehicle will be built along with the battery packs needed to power it.
The seven-figure sum is large, but the government has been granting other large loans to startup electric car makers like Tesla, which recently received $465 million in loans, and Fisker, which is getting $528 million.
Because of the large investment, Nissan says production of the Leaf could reach as high as 150,000 cars per year. In 2009, the Altima was Nissan’s best-selling vehicle at 203,568 units. Nissan’s small Versa was next at 82,906.