The US Energy Department said it would be reviving the USD 25 billion Advanced Technology Vehicle Manufacturing loan program. Spokeswoman Aoife McCarthy said they would resume their efforts to market the program to possible applicants and groups in the alternative vehicle industry. The program stopped issuing new loans in 2011.
In an email to Bloomberg, McCarthy said, "With no sunset date and more than $15 billion in remaining authority, the program plans to conduct an active outreach campaign to educate industry associations and potential applicants about the substantial remaining funds available and the application process in general."
The program was established in 2008 under the administration of President George W. Bush. It can be recalled that Fisker Automotive Inc drew USD 193 million from the USD 529 million loan they obtained from the program but stopped production in 2012.
Republican lawmakers widely criticized the revival of the program. In a statement, California Republican Representative Darrel Issa said, "At worst, the program threw good taxpayer money after bad. At best, it has risked Americans' hard-earned money on projects that didn't need it or didn't truly advance vehicle technology. The program simply didn't have the results needed to justify its revival."
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