DETROIT -- A proposed $25 billion federal loan program to help retool the American auto industry would speed the development of electric cars and other alternative-fuel vehicles, a Chrysler executive said Wednesday, adcording to The New York Times.

"It's a way for us to accelerate technology so you can get it in the hands of people faster and so they can afford it," Chrysler's vice chairman, James E. Press, said at an industry event.