House Republicans are looking to kill the loan program that helped give Fisker and Tesla life.
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Despite criticism by Republican lawmakers, the Department of Energy loan program designed to encourage alternative vehicles is ready to resume.
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As expected, Tesla has repaid its government loan nine years early, becoming the first American automaker to have paid back the government.
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Elon Musk, Tesla’s ever enigmatic CEO, announced over Twitter that the company will likely repay its government debt by Wednesday, May 22.
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The U.S. Department of Energy recovered $21 million from Fisker Automotive, the floundering company behind the Karma plug-in hybrid luxury car.
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Fisker seems to be falling on hard times, and a new report suggests the brand might be on the market with Chinese firm Dongfeng Motor Corp tossing a $350 million offer into the ring.
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While still in office, Bush pushed through a rescue package of some $25 billion in emergency aid, $4 billion set aside for Chrysler, while some $13.4 was allocated to GM; this was followed by an additional $60 billion from the Obama administration in 2009.
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They made the threat before, but now it’s official: Fiat controls 52% of Chrysler, and just like in 1998 The House That Walter Built resides mostly in Europe. Late Thursday night the US Treasury Department agreed to sell its remaining 6% stake in Chrysler to Fiat, with a price tag of $500 million. And with...
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It’s been a dramatic week at Chrysler‘s financial department. Now that Chrysler’s paid off its bailout loan from the government, Fiat is looking to step in and take the government’s remaining share off its hands. Fiat already holds a not-insubstantial 46 percent share in Chrysler. But even though Chrysler and the U.S. and Canadian governments...
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Chrysler Group LLC has just announced that it plans to fully repay the loans it took from the U.S. and Canadian governments by the middle of this year. In a statement from the auto maker, it says “Chrysler Group intends to complete the repayment during the second quarter of 2011 from proceeds of a new...
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However, Volvo has now gone on the record, stating that no such talks have taken place. In the meantime, Saab CEO Victor Mueller, is continuing to look for other sources to tap into for capital, including Chinese automakers.
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Last year, some American car companies looked to their government for financial help to keep them afloat and use the money to develop new products. Some of them have actually used the money properly and produced some decent new models. Over in the U.K., Lotus is looking at the British government to help out in...
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However with the German government seeking to enter new negotiations, GM has pulled the plug on external fundling.
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