Five years ago, U.S. President at the time George W. Bush created the Advanced Technology Vehicle Manufacturing Program. It was a legislation providing up to US$25 billion of low-cost government loans to automakers in order to restructure their facilities and develop fuel-efficient vehicles.
The same program continued under the Obama administration, which has made reducing greenhouse gas emissions and promoting the use of alternative energy sources one of its priorities.
However, after the bankruptcy of solar panel maker Solyndra, LLC which had received US$535 million in federal loans, the Energy Department has frozen all funding pending a review. This had a negative effect on upstart companies, such as Fisker Automotive, which relied heavily on these subsidies.
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