US in green boost for Ford and Nissan

FORD, Nissan and start-up company Tesla will reap the benefits of a $25bn (£15bn) loan programme from the Obama administration, designed to help them overhaul their US factories and make more eco-friendly cars, it emerged yesterday.

The news came as Nissan unveiled plans to mass-produce electric vehicles at its Tennessee plant. Chief executive Carlos Ghosn said he wanted them to be competitive on price.

US carmaker Ford will receive around £5.9bn from the state, Japan’s Nissan $1.6bn and Tesla $465bn from the energy department.

“By supporting key technologies and sound business plans, we can jumpstart the production of fuel-efficient vehicles in America,” energy secretary Steven Chu said.