Loan Programs Office

Secretary Moniz Drives Home the Importance of DOE Loans on Manufacturing Day

October 7, 2016

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Energy Secretary Moniz on the Road: Paving the Way for Advanced Vehicles w/ Ford, Tesla, Nissan

Several weeks ago, Secretary Moniz recognized the contributions of the Department’s Loan Programs Office (LPO) to U.S. manufacturing when he hit the roads of Detroit in an F-150 EcoBoost pickup truck to learn about how Ford has helped improve the fuel economy of the popular vehicle. He then toured the Dearborn Truck Plant where the F-150 is assembled.

In 2009, Ford Motor Company received a $5.9 billion loan through the Advanced Technology Vehicles Manufacturing (ATVM) loan program to upgrade 13 facilities in Michigan, Illinois, Kentucky, Missouri, New York and Ohio – including the Dearborn Truck Plant. The resulting state-of-the-art assembly and manufacturing plants have helped Ford roll out popular fuel-efficient vehicles like the F-150 EcoBoost – saving an estimated 268 million gallons of gasoline and preventing roughly 2.4 million metric tons of carbon dioxide emissions each year.

Ford is just one of the manufacturers that have received loans from LPO’s ATVM loan program.  Other manufacturers that have received ATVM loan program loans include:

  • $1.4 billion loan to Nissan North America to retool an auto manufacturing facility and construct a battery manufacturing facility for assembly of the all-electric Leaf in Smyrna, Tennessee; and
  • $465 million loan to Tesla Motors in California, the maker of the world’s first full-size all-electric automobile.   

Overall, the ATVM loan program has financed more than $8 billion in projects that have supported approximately 35,000 U.S. jobs since the program issued its first loan in 2009.

The Loan Programs Office looks forward to continuing its support of manufacturing fuel-efficient, advanced technology vehicles and qualifying components in the United States, with more than $16 billion in remaining ATVM loan authority. Learn more at www.energy.gov/LPO/ATVM