Obama Pledges $2.4 Billion for Electric Cars

Vowing to be a world leader in renewable energy, Obama has promised $2.4 billion for electric car. Specifically, the money would be used for developing next generation plug-in hybrid electric vehicles and advanced battery components. These advancements would create tens of thousands of US jobs and reduce the country's reliance on foreign oil. Obama stated:

We can let the jobs of tomorrow be created abroad or we can create them here in America and lay the foundation for lasting prosperity...The nation that leads on energy will be the nation that leads the world in the 21st century. That's why, around the world, nations are racing to lead in these industries of the future...Germany is leading the world in solar power. Spain generates almost 30 percent of its power by harnessing the wind, while we manage less than one percent and Japan is producing the batteries that currently power American hybrid cars.

• $1.5 billion to US manufacturers who produce highly efficient batteries


• $500 million for manufacturers other components for the vehicles.


• $400 million for evaluating and building electric vehicle infrastructure, such as charging stations and training for mechanics.
  

Via: Truthout

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