$25 billion in electric vehicle loans still waiting for perfect beggars

Source: http://www.engadget.com/2009/02/28/25-billion-in-electric-vehicle-loans-still-waiting-for-perfect/

While the Big 3 seem to be visiting Washington on an all-too-regular basis trying to secure funding for future success, $25 billion in loans set aside to promote electric car usage in America has been sitting untouched for nearly two years. As the story goes, the Advanced Technology Vehicles Manufacturing Loan program was established in 2007, but administrations have been toying with ideas about how to use it until present day. Some 75 applications from hopeful companies have been whittled down to 25, but there's no telling how long it'll be before we hear who's getting the cash (and when). Many are irate that this dough is still sitting idle, but we tend to agree with the "let's wait until we find truly remarkably beggars" approach before it's just handed out to those without a viable plan. The takeaway? Electric vehicles may still end up progressing as planned despite the current economy, but only if brilliant plans can cut through miles of red tape.

Filed under: Transportation

$25 billion in electric vehicle loans still waiting for perfect beggars originally appeared on Engadget on Sat, 28 Feb 2009 07:22:00 EST. Please see our terms for use of feeds.

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