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Integrity Automotive Applies for ATPMIV FundsIntegrity Automotive Applies for ATPMIV Funds
zappy3pro
Remember the whole Advanced Technology Vehicles Manufacturing Loan Program (ATPMIV) that was supposed to encourage automakers to develop more technologically advanced, fuel efficient vehicles? This is the same pool of money that the Detroit Three were salivating over until the government decided that failing banks and failing car companies can slurp from the same pool of taxpayer dollars (called the Troubled Assets Relief Program).
Some companies are applying to use ATPMIV funds for their original purpose. Among them, Integrity Automotive and ZAP have jointly applied for $200 million in funds to aid in the construction of a plant in Franklin, Kentucky that will produce ZAP electric vehicles.
Integrity will use the plant to assemble ZAP EVs including scooters and the Xebra model, which are currently made in China. The plant, which is expected to produce 100,000 vehicles per year and employ 4,000 people when it opens for business, is estimated to cost $175 million. It should be noted that this is double the original estimate of $84 million.
As a few notable Michigan executives can attest to, applying for aid and getting it are two different things. We’ll have to wait and see whether the government approves Integrity’s application.
Source: Green Car Congress
View original artcle at: “https://www.greencarreports.com//news/1018106_integrity-automotive-applies-for-atpmiv-funds”
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