Nissan Motor Co. (7201.T) yesterday announced that it has asked for U.S. government loans to assist in producing electric vehicles and batteries, according to a Reuters report.
Nissan is the first Japanese company to announce a request for financing support from the $25 billion Congress approved last year to assist automakers in retooling factories for greater fuel efficiency.
The company said it plans to upgrade its Smyrna, Tennessee assembly plant and build a new factory for battery production.
The automaker also announced that it will cut 20,000 jobs worldwide in response to global economic downturn, which has undermined the sales of new vehicles.
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