Obama and the US$ 2,4 Billion for Electric Vehicles
(CBS News) After touring the Edison Electric Vehicle Technical Center in Pomona, California today, President Obama announced an outlay of $2.4 billion is stimulus funds meant to encourage the production of next generation plug-in hybrid electric vehicles and advanced battery components for such vehicles. ”I am announcing that the Department of Energy is launching a $2 billion competitive grant program under the Recovery Act that will spark the manufacturing of the batteries and parts that run these cars, build or upgrade the factories that will produce them, and in the process, create thousands of jobs right here in America,” the president said.
He added that the government is “making a $400 million down-payment on the infrastructure necessary to get these cars on the road; and because these cars won’t leave the showroom unless consumers buy them, the Recovery Act includes a new tax credit of $7,500 to encourage Americans to plug one in at home.”
“Show us that your idea or your company is best-suited to meet America’s challenges, and we will give you a chance to prove it,” the president said, adding that “every company that wants a shot at these tax dollars has to prove their worth.”
The president’s full remarks, as prepared for delivery, are below. He opened with a joke about how it’s “always nice to get out of Washington for a little while and recharge your batteries.”