When the global recession hit in 2009 and General Motors and Chrysler got caught with their pants down, the federal government rushed in and gave the two “bailout money.” Not Ford, which climbed from the rubble and emerged in good form. However, that doesn’t mean the company from Dearborn hasn’t taken government loans—it has.
Five years ago, the Treasury offered up $25 billion for green energy initiatives known as the Advanced Technology Vehicle Manufacturing program. Ford took $5.9 billion to convert two truck facilities and tooling for products like the Focus Electric and C-MAX Energi. According to Forbes, the full amount must be paid off by June 15, 2022.
“We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” President Obama said on June 23, 2009 while announcing the loans to Ford and two other automakers (Nissan, Tesla, Fisker, and the Vehicle Production Group all took similar loans during that time). The President had dreamed of a million electric vehicles on American highways by 2015, but he’s since backed away from that target.