Chrysler No Longer Seeks Green Car Loan

Written by Brady    Wednesday, 15 February 2012 16:21

Earlier this week Chrysler dropped their bid for a $3.5 million dollar loan from the Department of Energy. The loan application was to submitted to obtain money for Chrysler to design and produce energy efficient vehicles. The reason that Chrysler dropped the application for the loan was because of the terms that would have been imposed by the Department of Energy.

Interestingly the only companies that obtained loans through this program are Ford and Nissan. GM decided not to apply for the loan because they felt they had enough money on hand to fund their research. The loans were low interest loans aimed at stimulating the development of energy-efficient vehicles.