The U.S. Department of Energy (DOE) has finally announced the first recipient of low interest loans under the Advanced Technology Vehicle Manufacturing Incentive Program. And the first winner is? Ford! Ford's plan is to use the $5.9 billion in loans to fund its electric vehicle (EV) program that will launch a battery-powered version of the Transit Connect in 2010, and shortly after, a C-segment car in 2011. They’ll be bringing 13 more “fuel efficient models" to the market, including an improved traditional ICE-powered vehicle along side the EVs. The loans will also help convert two truck plants over to car production, bumping up the MPG of vehicles like the Focus, Escape, Taurus, and F-150. This will have a positive effect and create more jobs in factories and facilities in five states. The loan was offered to all motor companies, but Ford was one of the few that qualified due to their dependability. Looks like I’ll soon be able to plug in a lot more then just my hair drier and toaster!
