Automotive Transport Research and Development Act - States that the purpose of this Act is (1): to make grants for, and support through loan guarantees, research and development leading to production prototypes of an advanced automobile or automobiles within four years from the date of enactment and to secure the certification after testing of those prototypes which are likely to meet the Nation's long-term goals with respect to fuel economy, environmental protection, and other objectives; and (2) to interpret and carry out this Act to preserve, enhance and facilitate and competition in research, development, and production of existing and alternative automobiles automobile components. Authorizes the Secretary of Transportation to perform specific tasks, including the following: (1) make grants for research and development efforts likely to lead or contribute to the development of an advanced automobile or automobiles; (2) make loan guarantees for research and development efforts which show promise of leading or contributing to the development of an advanced automobile or automobiles; (3) conduct and accelerate research and development programs within the Department of Transportation for the purpose of contributing to the research and development of a production prototype of an advanced automobile or automobiles; and (4) test or direct the testing of production prototypes and secure certification as advanced automobiles those which meet the applicable requirements. Authorizes the appropriation of up to $200,000,000 to pay the interest on, and the principal balance of, any obligation guaranteed by the Secretary as to which the obligor has defaulted. Directs the Administrator of the Environmental Protection Agency to test each production prototype of an automobile developed in whole or in part with Federal financial assistance under this Act, or referred to him for such purpose by the Secretary to determine whether such production prototype complies with any exhaust emission standards or any other requirements promulgated or reasonably expected to be promulgated under any provision of the Clean Air Act, the Noise Control Act, or any other provision of Federal law administered by him. Authorizes appropriations to carry out the purposes of this Act of $30,000,000 for fiscal year 1975, $50,000,000 for fiscal year year 1976, and $60,000,000 for fiscal year 1977.