Chrysler is withdrawing its application for $3.5 billion in government loans that it planned to use to develop fuel-efficient vehicles.
A company spokesman says the loan terms from the Department of Energy were too restrictive. Chrysler Group LLC says the move won't affect its business plans or ability to develop competitive, fuel-efficient cars and trucks.
CEO Sergio Marchionne has been frustrated with the length of the loan process.
Ford Motor Co. won approval of a $5.9 billion loan in June of 2009. Nissan Motor Co. and Tesla Motors Inc. also got loans from the $25 billion program. General Motors Co. withdrew its application for $14.4 billion last year, saying it no longer needs the money.
An Energy Department spokesman says the agency is happy Chrysler can reach its goals without the loan.
Watch This Fast Food Worker Explain Why She Deserves to Be Paid More Than Paramedics
Bernie Sanders is Not a Social Democrat; He’s a Marxist
Ridiculously Hilarious: MSNBC's Mitchell Gets Bad Case of the Vapors Over Cruz Ad Mocking Hillary | RedState
Hickok45 Has Huge Hands! Or Maybe Something Else Is Going On...
Mike Shedlock - European Bloodbath Spills Over to US Markets: Deutsche Bank CoCo Bonds Collapse, Shares at Record Low
New Jersey Man Slays Child | Human Events
ICYMI: Triumph the Insult Comic Dog ends campus political correctness as we know it