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DOE to nix remaining $16.6B in ATVM loan program

Discussion in 'Energy, Environment, and Policy' started by doug, Mar 19, 2013.

  1. doug

    doug Administrator / Head Moderator

    Nov 28, 2006
    Stanford, California
    U.S. GAO - Department of Energy: Status of Loan Programs

    (via Say What? DoE Cuts Off $16.6 Billion In Advanced Tech Loans Amidst Obama Proposal Of $2 Billion More - Inside EVs )

    Honestly, I think this makes perfect sense. After Ford, Nissan, and Tesla, the remaining loan applicants were a bit of a stretch and were perhaps even damaged by the existence of the loan program.

    Aptera tried to get their 3-wheeler defined as a car for the purpose of a loan and then diverted resources to develop a four wheel car in order to qualify. Instead of just shipping the product they had, they end up running out of money before they got anything out the door.

    Fisker had already planned to build the Karma in Finland. When details of the loan requirements came out they moved to produce their second vehicle (then named project Nina) in the US in order to get the loan. The result was they bought a plant in Delaware before the kinks were worked out with the Karma. That Boxwood plant has become the definition of boondoggle for Delaware.

    Hopefully those remaining funds will go towards battery R&D, the purchase of EVs for gov't use, or some other productive way to promote EVs. However, the ATVM in it's current form is dead, as it should be.

    Related: Obama Admin Proposes $2B for Alternative Fuel Vehicles

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