Senator Stabenow Introduces Bill to Expand Advanced Vehicle Technology
Expansion of Advanced Technology Vehicle Initiative Will Increase Development of High-Tech Products, Create Manufacturing JobsThursday, May 21, 2015
U.S. Senator Debbie Stabenow introduced legislation to expand an advanced vehicle manufacturing loan program that helps automobile and parts manufacturers to retool their plants to produce more fuel-efficient vehicles. The Advanced Technology Vehicle Manufacturing (ATVM) loan program, authored by Senator Stabenow and signed into law in 2007, allows automakers to produce the next generation of vehicles here at home. The Building Better Trucks Act will expand the ATVM program to allow manufacturers of medium- and heavy-duty vehicles and auto part suppliers to qualify for loans under the program.
"These retooling loans have helped our businesses innovate, build new high-tech products and create jobs here in America," said Stabenow. "It just makes sense to open up the same opportunities to auto part suppliers and truck makers who are developing cutting-edge fuel efficiency technology. By giving more companies access to affordable capital, we can create good-paying jobs and help families get better gas mileage on their vehicles at the same time."
Senator Stabenow authored the ATVM loan program as part of the Energy Independence and Security Act of 2007. Since the program was signed into law, ATVM loans have resulted in the manufacturing of over 4 million fuel-efficient advanced vehicles and the creation of 35,000 jobs. Earlier this month, Alcoa, Inc. in Tennessee received a $259 million loan to support its expansion of lightweight aluminum for cars and trucks. It is estimated 600 direct and indirect jobs will be created through this new project.
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