Congressman Sander Levin

Producing Efficient Advance Technology Vehicles in the U.S. to Create Jobs

The race to produce the next generation of automobiles is on. On September 24, the House approved a sweeping budget bill that included a provision sought by the Michigan Congressional Delegation to fund $25 billion in low-interest loans for automobile manufacturers that retool their plants to build advanced-technology vehicles in the United States. The House passed the bill on a vote of 370 to 58. The Senate appoved the legislation a few days later and the President has signed the measure into law.

U.S. automakers know that the future of their industry lies with next generation, fuel saving vehicles such as plug-in hybrids and electric cars. But with the current turmoil in the U.S. credit market, auto companies cannot borrow the money necessary for retooling factories to mass produce these vehicles from the private financial sector without paying prohibitively high interest rates.

We need the Department of Energy to implement this program as quickly as possible so the loans can be dispersed and our automakers can begin making these much needed investments.