The Advanced Technology Vehicles Manufacturing Loan Program (ATVM) provides loans to support the manufacture of eligible advanced technology vehicles and qualifying components, including newly authorized modes from the Bipartisan Infrastructure Law. Expanded uses beyond light-duty vehicles include medium- and heavy-duty vehicles, trains or locomotives, maritime vessels including offshore wind support vessels, aircrafts, and hyperloop. IRA removed the $25 billion cap on ATVM loan authority and appropriated $3 billion in credit subsidy to support these loans.
Overview
Office:Loan Programs Office |
New Program:No, but includes substantive modifications to existing program |
Funding Amount:$3,000,000,000 of credit subsidy appropriations under IRA (resulting in an estimated $40,000,000,000 of direct loans) |
Funding Mechanism:Direct loans |
Recipients:A manufacturer of eligible advanced technology vehicles or of qualifying components |
Period of Availability:To remain available for commitment through 9/30/2028 |
Assistance Listing:TBD |
Formula Funding:No |
Tribal Eligibility:Yes |
Cost Share Requirement:N/A. Loan amount cannot exceed 80% of eligible project costs. |
More Information
Loans for project that manufacture a range of advanced technology vehicles and their components, including light-duty vehicles, medium- and heavy-duty vehicles, locomotives, maritime vessels including offshore wind vessels, aircrafts, and hyperloop. The IRA specifies that funds may be used for the costs of providing direct loans for reequipping, expanding, or establishing a manufacturing facility in the United States to produce, or for engineering integration performed in the United States of, newly authorized types of advanced technology vehicles only if those vehicles emit, under any possible operational mode or condition, low or zero exhaust emissions of greenhouse gases.
