He said the company would use the fresh funds to upgrade factories and increase its commercial network.

Amid rising optimism about the Korean economy, South Korea's semiconductor manufacturers are still slashing funds for upgrading factories.

In just the last month, DaimlerChrysler, General Motors, American Honda Motor and Ford Motor have announced plans for outlays of a stunning $1.54 billion to upgrade factories or build new ones.

Last year, Goodyear channeled $207 million, or about 28 percent of its capital spending, into building or upgrading factories abroad.

The initial driving force behind the Soviet push for joint ventures was a desire to upgrade outmoded factories with modern equipment, and to improve productivity.

Alcoa and Archer Daniels Midland have agreed to settle federal air pollution complaints by upgrading smelters and other factories at a cost the government estimates at $700 million, one of the companies and people familiar with the case said today.

The loan commitments include a $5.9 billion loan to Ford for upgrading factories in five states to produce 13 more fuel-efficient models, a $1.6 billion loan to Nissan to build advanced electric vehicles and advanced batteries, and a $465 million loan to Tesla Motors to manufacture its new electric sedan.

Coupled with today's extraordinary private sector commitments of $2 billion to upgrade businesses, factories, and military housing, America is taking another big step towards the competitive, clean energy economy it will take to win the future," said President Obama.

Settlement of Pollution Complaints The Environmental Protection Agency said that Alcoa and Archer Daniels Midland had agreed to settle air pollution complaints by upgrading smelters and other factories at a cost estimated to be $700 million.

Peugeot invested three billion euros last year to upgrade factories and develop new models, and spent 813 million euros on share buybacks.