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U.S. to move quickly on further auto loans
DEARBORN, Michigan (Reuters) - The U.S. government will move quickly to approve loans to more automakers after its decision to extend $8 billion in low-cost loans to Ford Motor Co, Nissan Motor Co and Tesla Motors, the U.S. Energy Department said on Tuesday.
Energy Secretary Steven Chu said the administration had begun talks with Chrysler immediately after the reorganized automaker was sold out of bankruptcy and was having "technical" discussions with GM, which is still operating in bankruptcy.
Ford, Nissan and Tesla are the first automakers approved for loans as part of the Department of Energy's $25 billion program to help spur development of fuel-efficient vehicles.
"There is money there -- I wouldn't say set aside -- but we are trying to stretch these dollars as far as we can," Chu said.
Chu was speaking to reporters at an event at Ford's engineering campus in Dearborn, Michigan to mark the Department of Energy's move to extend loans to the No. 2 U.S. automaker, the only Detroit car company operating outside bankruptcy.
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