Nissan Receives $1.4 Billion U.S. Loan

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The federal government just announced that it has closed a loan agreement with Nissan to build its new Leaf electric car. The total of the loan is $1.4 billion, which is a staggering number. The company says this loan will lead to 1,300 new jobs at its Smryna, Tenn., facility, where the vehicle will be built along with the battery packs needed to power it.

The seven-figure sum is large, but the government has been granting other large loans to smaller, unproven companies like Tesla, which recently received $465 million in loans.

Because of the large investment, Nissan says production of the Leaf could reach as high as 150,000 cars per year. In 2009 the Altima was Nissan’s best-selling vehicle at 203,568 units. Its small Versa was next at 82,906.