Loans Expert

Three automakers, including the Ford Motor Company, will get the first $8 billion from a $25 billion loan program intended to accelerate development of more fuel-efficient vehicles, the national energy secretary said Tuesday.

Ford, the only Detroit automaker that did not receive emergency government loans this year, will get $5.9 billion to help it retool 11 factories in the Midwest. The money, about half as much as Ford had requested, will help it make 13 of its models more fuel-efficient. Ford plans to start selling four models of electric vehicles by 2012.

The European Union has approved loan guarantees to Ford Motor Co.’s Volvo unit to help it build cleaner cars.

The European Commission says Volvo is planning to use euro500 million ($708 million) from the European Investment Bank for its euro1.9 billion ($2.7 billion) project to develop more fuel-efficient low-emissions vehicles.

The Commission, which announced the decision Friday, says the loans will be used over the next two years. The loans will be guaranteed by the Swedish government.

Volvo announced a joint venture this week to develop an electric-diesel hybrid car model that can be charged directly from a wall socket.