Nissan Motor Co. is the only Japanese carmaker seeking a federal loan under a U.S. program for fuel-efficient autos, competing for funds with General Motors Corp., Ford Motor Co. and electric-car startup Tesla Motors Inc.
The Energy Department may disburse some of the $25 billion in low-cost loans to successful applicants in one to two months, Energy Secretary Steven Chu said.
Rules for the program were set in November and the agency got 75 applications for projects totaling $38 billion, spokesman Phil West said. Of those, only 26 were "substantially complete," he said.
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