Trump budget would cut loan program used by Tesla, Ford
Previous loans, according to the program's website, have included $465 million to Tesla for production of the Model S in 2010; $5.9 billion to Ford to upgrade 13 facilities in six states for a variety of vehicles in 2009; and $1.45 billon forfor a new advanced battery manufacturing plant and facility upgrades for a plant in Tennessee for to produce the all-electric Nissan Leaf in 2010.
As of September 2017, both Tesla and Nissan had fully repaid their loans, according to the website. Ford, according to a company spokeswoman, is scheduled to repay its loan in September 2022. As of 2016, the Advanced Technology Vehicles Manufacturing Loan Program was authorized to loan more than $16 billion to continue "helping the auto industry grow local economies across the United States while increasing American economic competitiveness around the world," according to the website.
This isn't the first time Trump has wanted to cut funding for the auto industry. The White House last year proposed worth up to $7,500 on the purchase of new electric vehicles, a move it said would save the U.S. government $2.5 billion over a decade. The credits were eventually saved.
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