Senator Stabenow on Ford Motor's DOE Retool Funding

Stabenow reaction to Energy Secretary Chu’s announcement that Ford will receive $5.9 billion in retooling loans

June 23, 2009 -- WASHINGTON – Today, U.S. Senator Debbie Stabenow made the following statement regarding the announcement by Secretary of Energy Steven Chu that Ford will receive $5.9 billion in low-interest loans to retool older plants for the production of advanced technology vehicles.

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The loans were awarded as part of the Advanced Technology Vehicles Manufacturing Incentive Program that Senator Stabenow authored last year, as part of a legislative effort that began in 2007.

“Today’s announcement by Secretary Chu is welcome news and a credit to Ford’s commitment to advanced manufacturing here in Michigan. These low-interest loans will provide Ford with much-needed capital to retool older auto plants in order to produce more advanced technology vehicles such as the Ford Fusion hybrid.”

“I am confident that these loans will help revitalize plants and communities, save jobs, and protect our U.S. manufacturing base here at home.”

Source: Senator Debbie Stabenow