DEFINITION of 'Advanced Technology Vehicle Manufacturing Program'
A U.S. Government subsidy created under section 136 of the Energy Independence and Security Act of 2007 that provides $25 billion in low-interest loans and grants to automakers and parts suppliers, in order to create advanced technology vehicles and their major components in the United States.
BREAKING DOWN 'Advanced Technology Vehicle Manufacturing Program'
The program is administered by the U.S. Department of Energy. Automakers who benefited from the program included Ford, Nissan, Tesla Motors and Fisker Automotive. The companies were to use the loans to retool their existing factories for the manufacturing of advanced technology vehicles, which include fuel-efficient vehicles such as hybrid and electric vehicles. One of the purposes of this legislation was to create auto manufacturing jobs and keep jobs in the United States.