Speaking in California on today, President Barack Obama pledged $2.4 billion for vehicle battery and plug-in electric vehicle development. These projects will be funded through the President’s American Recovery and Reinvestment Act of 2009.
This initiative aims to advance the Administration’s goal of putting one million plug-in hybrid vehicles on the road by 2015 and carries with it the promise of new jobs.
The money distribution breaks down to:
$500 million in grants to U.S. based manufacturers to produce other components needed for electric vehicles.
$400 million to demonstrate and evaluate plug-in hybrids and electric infrastructure concepts, such as a truck stop charging station, electric rail, and training for technicians to build and repair electric vehicles.
“This investment will not only reduce our dependence on foreign oil, it will put Americans back to work," President Obama said. "It positions American manufacturers on the cutting edge of innovation and solving our energy challenges."
In total, Obama pledged “$15 billion a year to develop technologies like wind power and solar power, advanced biofuels, clean coal, and fuel-efficient cars and trucks that are built right here in the United States of America.”
Learn about driving green in the Consumer Reports special fuel economy section
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