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Energy Secretary Steven Chu announced the loan recipients at Ford's Research and Innovation Center in Dearborn. The loans to Ford will help the company upgrade factories in five Midwest states to produce 13 fuel-efficient vehicles.
Nissan was receiving $1.6 billion to retool its plant in Smyrna, Tenn., to build advanced vehicles and build a battery manufacturing facility. Tesla would get $465 million in loans to build electric vehicles and electric drive powertrains in California.
"By supporting key technologies and sound business plans, we can jump-start the production of fuel efficient vehicles in America," Energy Secretary Steven Chu said in a statement. "These investments will come back to our country many times over — by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions."