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US Senate authorizes DOE green car loan program [UPDATE]

Tesla Motors' crush of Model 3 reservations is fresh in everyone's minds, while Fisker Automotive (or at least its bankruptcy) is a distant memory. That's one explanation for a US Senate with a Republican leadership at one time bashed the Department of Energy's loan program for green-vehicle makers but now, under bipartisan support, the Senate has OK'd about $1.6 billion more to push forward green-vehicle technology, according to Hybrid Cars. The Senate voted to authorize a $1.6-billion federal program. The US Senate voted by about a seven-to-one margin to authorize a $1.6-billion federal program for the DOE's Vehicle Technologies Office program housed under the Office of Energy Efficiency and Renewable Energy (EERE). This is a different program from the Advanced Technology Vehicle Manufacturing (ATVM) program, which was last funded in 2007. The feds have been green-lit to spend $339 million per year through 2020 to speed up the development of advanced-technology vehicles. The mission: to get the US new light-duty fleet to meet the Corporate Average Fuel Economy (CAFE) mandate of a 54.5 miles per gallon average (which is a real-world average of around 40 mpg) by 2025. Four automakers received funding from the ATVM program in the first go-round. The list was: Tesla, Fisker, Ford and Nissan. Specifically, Tesla was loaned $465 million in 2010, and paid that loan back in 2013 – about nine years ahead of time, with interest. On the flip side, the Department of Energy was slated to loan extended-range plug-in vehicle maker Fisker $528 million, but Fisker only received $192 million before the spigot got shut off because of missed deadlines. Fisker collected enough cash to pay down some of the debt, but the government still was stuck with $168 million unpaid. And that got washed out in Fisker's 2013 bankruptcy. Nissan was awarded $1.4 billion and Ford got $5.9 billion. Senator Gary Peters (D-Michigan), one of the authors of the new bill, issued a press release about the new funding, which you can read here. The new ATVM program will also target automotive suppliers. UPDATE: This post has been updated. We inaccurately said that the ATVM had been re-authorized. In fact, the ATVM loan program "has $16 billion in remaining loan authority for automotive or component manufacturers for reequipping, expanding, or establishing manufacturing facilities in the U.S.

Marchionne impressed by 'that kid' Elon Musk

FCA boss Sergio Marchionne has a reputation as an incredibly canny businessman. Some examples of his acumen include finishing Fiat's takeover of Chrysler from a beachside home and winning a challenge with Luca di Montezemolo for the reins of Ferrari. The Italian exec recently took a trip to California and lavished praise on Elon Musk after a meeting with the Tesla CEO. Although, the compliment did come off as a little patronizing. "I'm incredibly impressed with what that kid has done," Marchionne said to Reuters about his conversation with Musk. Unfortunately, the FCA exec didn't go into detail about what he and Tesla boss discussed. Although, calling the 43-year-old billionaire a "kid" does seem a little rude, especially given Musk's success with Paypal, in the auto industry and at SpaceX. While in the Golden State, Marchionne also had a talk with Apple CEO Tim Cook. Although, he was similarly cagey about what the men discussed. "He's interested in Apple's intervention in the car, that's his role," Marchionne said to Reuters about the conversation without divulging more. The two companies already have some small links thanks to Ferrari's use of the tech giant's products. As one additional highlight for Marchionne's California trip, he took a ride in the Google autonomous car. News Source: ReutersImage Credit: Paul Sancya / AP Photo Green Chrysler Fiat Tesla Green Culture Technology Emerging Technologies Autonomous Vehicles Electric Sergio Marchionne FCA

Apple's merger chief met in secret with Tesla CEO Elon Musk

There's no lack of connections between two of the most darling Silicon Valley companies, Apple and Tesla Motors. Most recently, the electric car manufacturer hired away Apple's "Hacker Princess," Kristin Paget, but it's possible to look back as far as 2010 to see when Tesla hired the man who worked on the Apple Store experience, George Blankenship, to get the Tesla Stores in order (he left in late 2013). More recently, there's been outside calls for the two to link arms, namely from banking analyst Adnaan Ahmad who said Apple should just up and buy Tesla (some have also predicted that General Motors could do just that in 2014) in late 2013. But nothing in this list ties the two companies together as strongly as a new report in the San Francisco Chronicle: Apple's chief of mergers and acquisitions, Adrian Perica, secretly met with Tesla CEO Elon Musk last spring. Neither company is talking publicly, and the Chronicle's source is choosing to remain anonymous, but it appears that Tesla and Apple may have been at least a little bit interested in working together well ahead of Ahmad's call. He wrote that buying Tesla would bring another Steve Jobs-like figure (Musk) to the computer giant as well as give the maker of iPhones and iPads another market to explore (remember the iCar idea?). The Chronicle does admit that there's no upside for Tesla that's quite as obvious, and one analyst said a partnership would make more sense than a buy out. There could be other scenarios on the table, as well. Perhaps it was to discuss a joint giga-battery plant? Or maybe Musk's visit to Cupertino was just a courtesy call, in case Tesla ever needs access to Apple's famously deep pockets. We don't know, but the news does give us a slew of interesting possibilities to ponder. There's a lot more over in the Chronicle, including how Apple may be branching out into new medical devices. Related Gallery Tesla Model S View 24 Photos News Source: San Francisco Chronicle, 9to5MacImage Credit: Copyright 2014 Drew Phillips / AOLTip: Ellen K. Auto News Green Tesla Electric icar