Report: Chrysler likely to receive U.S. technology loans

Article by Christian A., on October 27, 2010

It appears that Chrysler is the next manufacturer who will receive U.S. technology loans. According to our sources, the manufacturer will receive a new federal loan in order to upgrade its factories in order to build more fuel efficient vehicles. Same sources confirmed the fact that Chrysler will likely receive the approval for new credit before General Motors does.

Due to the fact that GM is currently in the midst of preparing an initial public stock offering for mid-November, which means that the American manufacturer can’t take on the government awards without complicating the stock offering.

Apparently, Chrysler has applied for $10 billion in loans, still it is unclear how much money it will receive. If received, this loan will definitely be welcomed by investors as a sign of government confidence in the auto industry. 

Furthermore, the loan will enable Chrysler to accelerate the payment of some $7 billion in pricey government loans extended as part of bankruptcy. For those who don’t know, Chrysler still owes the Treasury $5.7 billion.

Chrysler is currently in the process of revamping its lineup, and it already revealed the following vehicles: 2011 Dodge Charger, 2011 Journey, 2011 Durango as well as the 2011 Jeep Grand Cherokee. [via autonews - sub. required]

If you liked the article, share on:

Comments

Recommended

Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 2017
Mercedes-Benz just made an announcement that the 2018 E Class Cabriolet has finally landed in the United States. If you had not known, the E Class will be positioned in...
by - November 22, 2017
After a somewhat successful fray into the automotive market in China, the resurrected German automobile brand Borgward is finally heading to Europe, bringing along with it the Borgward BX7 sports...
by - November 22, 2017
Automotive industry veteran Bob Lutz has once again spoken out against Tesla. Known as one of Tesla Motors’ greatest skeptics, Lutz had stated two years ago that the Silicon Valley...
by - November 22, 2017
Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries