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Nissan revises electric-vehicle plan

Automotive news reports on Nissan's reduced costs for its Tennessee electric vehicle plant.

Automotive News

NASHVILLE, Tenn.--Nissan North America has cut the amount it intends to invest in a new U.S. electric-vehicle assembly line and battery plant by about $200 million and in turn reduced the amount of a federal loan it will tap.

Nissan originally estimated the cost of the Smyrna, Tenn., project at $2 billion and had applied for $1.6 billion in low-interest loans from the U.S. Department of Energy to pay for 80 percent of the project.

The scope of the project hasn't changed: produce 200,000 lithium ion batteries and 150,000 complete electric vehicles a year. But the DOE loan now is $1.44 billion, which still represents 80 percent of the revised price tag of about $1.8 billion.

(Source: Automotive News)