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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

Anthony Garreffa | May 26, 2014 at 6:20 am CDT (0 mins, 52 secs time to read)

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.

US government is prepared to spend $16 billion on driverless cars | TweakTown.com

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.

Last updated: Apr 7, 2020 at 11:45 am CDT

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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