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US government is prepared to spend $16 billion on driverless cars

Driverless cars are about to receive $16 billion of funding from the US Department of Energy

| Technology in Vehicles News | Posted: May 26, 2014 11:20 am

No matter whether you want them or not, driverless cars are coming, and they're coming quick. Ernest Moniz, the current Energy Secretary, is unleashing a $16 billion package from the Department of Energy that will push for driverless vehicles.

 

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Moniz was in Detroit meeting with auto suppliers, where he said in an interview: "there was discussion about advanced traffic-management systems (and) autonomous driving". Moniz said that companies are looking into driverless cars, with the Advanced Technology Vehicle Manufacturing loan being a massive incentive.

 

This is thanks to the Department of Energy upgrading the criteria in which auto companies quality for loans, where it now includes driverless carmakers. With a bunch of money left in the DoE's loan guarantee program, there's much to go around to these companies to get driverless cars on the road. The last time we saw money handed out like this was when the government wanted to see automakers manufacturing fuel efficient, or hybrid vehicles - Tesla Motors being the example here, which borrowed $500 million, paying it off in full recently.

NEWS SOURCES:Motherboard.vice.com

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