For example, members of Congress wanted ATVM
loans to be used as part of a bailout of US auto manufacturers when the Obama administration deemed the TARP program an inappropriate vehicle for such investments.
DOE has taken several steps to implement the ATVM program.
Recommendation: To help ensure the effectiveness and accountability of the ATVM program, the Secretary of Energy should direct the ATVM Program Office to accelerate efforts to engage sufficient engineering expertise to verify that borrowers are delivering projects as agreed.
The ATVM program was established during the Bush administration and continued under the Obama administration.
Since Solyndra became politicized last fall, the DOE has failed to make any other loans under the ATVM program, has pulled back one loan that it previously committed and, as of this month, the DOE has pushed aside the three remaining viable loans under active consideration," said William Santana Li, chairman and chief executive officer, Carbon Motors Corporation.
Our experience, when viewed in light of the situation with other applicants, makes it hard to conclude that this action is anything other than a political decision to avoid further scrutiny of the ATVM loan program and of DOE officials," described Li.
In addition to the ATVM
program, EISA requires that automakers increase their average fuel economy to 35 mpg by 2020, up from roughly 24 mpg today.
Loan Program supports the development of innovative, advanced technologies that create thousands of clean energy jobs while reducing the nation's dependence on oil.
We're honored to be the first automotive supplier chosen by the Department of Energy to take part in the ATVM
Tesla will use the ATVM
loan precisely the way that Congress intended -- as the capital needed to build sustainable transport," said Tesla CEO and Product Architect Elon Musk.
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