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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.

Car and Driver 10Best list cracked by Tesla Model S, BMW 3 Series left off

Car and Driver is keeping new blood pumping into its annual 10Best cars list with three new entries making it on for 2015 and a perennial favorite falling off. Among the biggest shocks this year is that the BMW 3 Series and 4 Series are no longer named, despite years of some portion of that lineup earning a mention. In another surprise, the Tesla Model S (specifically in S 60 trim to fit under the $80,000 cost cap) makes it to the 2015 roster and is the only electrically motivated member of the group. Despite the loss of the 3 Series, BMW isn't entirely shut out this year, because the M235i gets its name on the list. Car and Driver argues that the little coupe feels like a welcome throwback to the E46 chassis M3 of the early 2000s. In addition to the Model S, the final newbie to the annual group is the 2015 Ford Mustang GT. The inclusion of these new members knocks the Audi A6/A7 family and Ford Fiesta ST out from the 2014 rundown. The other seven models carry over from last year, including the Cadillac CTS, Chevrolet Corvette Stingray, Honda Accord, Mazda3, Mazda6, Porsche Boxster/Cayman and Volkswagen Golf/GTI. The 2015 10Best cars list certainly seems to have something for everyone from the hot hatch fan to the family man and even the green car driver, thanks to the addition of the Tesla. Head over to Car and Driver to read its detailed explanations for each vehicle's inclusion, but if you've got a difference of opinion or just really like the list, let us know in Comments. Featured Gallery Car and Driver 2015 10Best Cars List View 10 Photos News Source: Car and DriverImage Credit: Car and Driver, BMW, Cadillac, Chevrolet, Ford, Honda, Mazda, Porsche, Tesla, Volkswagen Auto News BMW Cadillac Chevrolet Ford Honda Mazda Porsche Tesla Volkswagen Convertible Coupe Hatchback Performance Sedan 10Best

Tesla stock takes big tumble after Musk's Detroit speech

Frank talk from Tesla Motors founder Elon Musk at the 2015 Detroit Auto Show sent the company's stock falling one Wednesday, after the CEO warned his company wouldn't achieve profitability until the dawn of the next decade. The nine-percent drop left share prices in the EV manufacturer at $185.60 during pre-market trading on Wednesday, The International Business Times reports. It did rally after trading started, though, hitting over $191 as of this writing. The big worry for shareholders appeared to be Musk's statements on Tesla's Chinese fortunes. The company's efforts there suffered a fourth-quarter sales decline that saw consumer concern over the network of quick-charging stations that provide Model S owners with free electricity, IBT reports. According to Musk, that particular thorn in the company's side has been dealt with, and if Chinese consumers are still concerned, further expansion is already planned, but not all pundits are convinced China's charging problem is behind Tesla.