Chrysler alerted the Securities and Exchange Commission that they’d be withdrawing their request for as much as $3.5 billion in loans. The money was to be used for the development of unspecified “green” vehicles.
The Advanced Technology Vehicles Manufacturing program, passed by Congress in 2007, helps automakers their current plants to build more fuel efficient vehicles. The program is worth as much as $25 billion in total. Chrysler CEO Sergio Marchionne was on record expressing frustration at the speed of the loan application, stating that it put Chrysler in a “ very, very uncompetitive position”.