WASHINGTON — The Nissan Leaf electric vehicle and its lithium-ion battery packs will both be produced in Smyrna, Tennessee, now that the U.S. Department of Energy has agreed to lend $1.4 billion to Nissan North America. The loan closing was announced Thursday by Secretary of Energy Steven Chu. Nissan will use the money to modify the Smyrna facility for Leaf vehicle and battery production.
The loan is part of the $25 billion Advanced Technology Vehicles Manufacturing Loan Program, which was included in the 2007 Energy Independence and Security Act.
Nissan says it targets eventually producing 150,000 of the five-passenger Leaf EVs each year in Smyrna, along with up to 200,000 batteries, creating as many as 1,300 jobs.
The Leaf will be launched in the U.S., Japan and Europe in December.
Inside Line says: Another sign of the greening of America. — Laura Sky Brown, Correspondent
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icecubefosho says:
05:16 PM, 01/29/2010
Yes! I get to see this February 5th in Houston!
tbone85 says:
04:17 PM, 01/29/2010
"Anyone want to venture a guess as to the political party affiliation of Mr. 454? Hey, at least he knows who Steven Chu is, that makes him at least a little informed."
I dare not guess. There is more than enough stupidity from either party for those comments to be affiliated.
morey000 says:
02:40 PM, 01/29/2010
Ahh, stingray is a real winner. In addition to the other fine rebuttals to Mr. 454's inability to see the larger picture, each of those jobs will be taxpaying citizens of the US. Also, those taxpayers will be off the unemployment insurance roles and instead spending their hard earned dollars at local business, who then pay taxes.
to say nothing of increasing the industrial high technology capacity of the US. Or would you prefer that China offered Nissan the loan to build a factory there (I'll be they did!)?
to add to this, think of all the US dollars that won't be going to the middle east or other countries for the purchase of their dead dinosaurs.
Anyone want to venture a guess as to the political party affiliation of Mr. 454? Hey, at least he knows who Steven Chu is, that makes him at least a little informed.
Thank you Nissan, for striking a good business deal here in the US. We won't let you down.
tbone85 says:
11:35 AM, 01/29/2010
""It would be like Japan lending $1.4 billion to GM so they can build Volts for sale in Japan. Could you imagine?!? Would never happen." That is correct, they would not invest in inferior technology."
Can't say I agree that the Volt is inferior technology.
tbone85 says:
11:29 AM, 01/29/2010
I guess I'd agree about it costing taxpayers $1.1 million per job, except it's a LOAN. As such, there will be some fraction of that amount in discounted interest that will represent the actual cost to taxpayers.
As far as funding foreign manufacturers, well how much product are they actually making in the U.S.? The Fusion is assembled in Mexico. The Equinox is assembled in Canada. I'd prefer the funding was for domestic firms for U.S. jobs, but if I have to pick, I'm going to focus on where the jobs are produced.
pbrahma says:
10:17 AM, 01/29/2010
Hope the Americans will build good quality battery. Not like the one where Toyota has to suffer with the recall for sticky pedal.
son_of_woden says:
10:00 AM, 01/29/2010
stingray454, I love this country. Our freedom of speech allows you to spew ill-informed nonsense like this without fear of oppression from the government. So, let's inform you.
"$1.4 billion for 1,300 jobs? That costs American tax payers $1.1 million per job. Even the Soviets under communism were smarter than that." See, this is what grown ups call a loan. People or companies borrow money and then pay it back later. This will cost American tax payers $0.00 per job. In fact, this is not a Zero interest loan, but a low interest loan. Thus, the American tax payer will actually make money on this loan with the added benefit of 1,300 jobs.
Steven Chu is a Nobel Prize winner and very smart man. I wish we would, as a nation, listen to more of his ideas. The criticism of painting roof's white never attacked the science because the science proves it is a good energy saving idea, but I digress.
"It would be like Japan lending $1.4 billion to GM so they can build Volts for sale in Japan. Could you imagine?!? Would never happen." That is correct, they would not invest in inferior technology. They also have less need for Chevy Volt's as Japan does not use the amount of oil for gas as we do. Japan would invest in problems dealing with a more dense population. The US faces a very different set of problems.
leescott says:
09:54 AM, 01/29/2010
It is a loan...loans get paid back, with interest.
stingray454 says:
08:16 AM, 01/29/2010
$1.4 billion for 1,300 jobs? That costs American tax payers $1.1 million per job. Even the Soviets under communism were smarter than that.
This government is seriously screwed up. Steven Chu has some 'xplainin to do, besides the obvious of being a complete idiot.
What is the U.S. government doing funding a foreign automaker in the first place? Especially when its own U.S. automakers are in such trouble.
It would be like Japan lending $1.4 billion to GM so they can build Volts for sale in Japan. Could you imagine?!? Would never happen.