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USA: Chrysler pulls request for U.S. loan for hybrid and electric cars

Chrysler said Thursday that it will no longer seek a U.S. Department of Energy loan to fund the development of gas-electric hybrids and electric vehicles.

“The Department of Energy’s proposed terms were very restrictive and compliance would have negatively affected our operational flexibility,” Chrysler said in a statement.

Chrysler CEO Sergio Marchionne said last April the company needed the loan to be competitive.

Chrysler initially applied for more than $7 billion in 2008 under the DOE’s Advanced Technology Vehicle Manufacturing program, but later reduced the request to less than $3.5 billion.

Chrysler also said Thursday it can develop competitive, fuel-efficient vehicles without the federal loan.
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