Obama touts auto efficiency rules, industry aid at Chicago Ford plant

“What I said last year was if American automakers were willing to make the tough choices necessary to make them more competitive in the future, America would stand by them,” Obama said. “And one thing we did was put in place a new national fuel-efficiency standard for all new cars and trucks sold in America. This was good for consumers, it was good for the environment, and it finally gave our automakers the certainty they needed to plan for the future — a future where American workers build 21st century cars that the world wants to buy.”

“So Ford dedicated itself to increasing fuel efficiency of more than a dozen of its models. And the Department of Energy awarded Ford a two-year loan commitment to help make that happen. And Ford used that loan to retool this factory to build the next-generation Explorer. That’s a model that will be up to 30 percent more fuel efficient,” Obama added.

Ford is using $400 million of its $5.9 billion Energy Department loan for upgrading the Chicago plant, according to press reports. The nearly $6 billion in funding is for overhauling several factories to produce efficient vehicles.

Obama also announced a separate loan guarantee for Ford from the Export-Import Bank to boost sales of Ford vehicles in other countries.