$25 Billion for Electric Cars: What Stimulus?
Feb 26, 2009 – Ages ago in 2007 [remember the good times when your house was worth more than your mortgage?] $25 billion was authorized for loans to electric-powered cars. How much has been disbursed to speed us to the electric car?Zero!<>Leslie Wayne writes “$25 Billion for Electric Cars Is Still Untouched” in today’s issue of The New York Times. President Barack Obama promised during the campaign that there would be 1 million electric cars on USA roads by 2015. The deadline for applications was December 31, 2008 and many applications arrived that day. Of course, during the last couple of months of 2008 the Bush administration was on its way out and the administration of President Barack Obama was not yet in. Interregnum. Dr. Steven Chu, the new Energy Secretary, has announced that the first loans would be made in late April or early May. The $25 billion in loan applications that are up to 1,000 pages long are being evaluated by a total of about 12 full- and part-time employees. None too soon. Chrysler and GM have both applied and could surely use the money as soon as possible. A123 Systems has requested $1.8 billion. Ener1, a maker of lithium-ion batteries is asking for $480 million.How many dollars has your company applied for?Leave your comments here.
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