Obama to announce $2.4 billion in electric vehicle grants
content.usatoday.com
The goal of getting the U.S. solidly back into the race to become the leader in the production of electric cars gets a boost today. President Obama is headed for Indiana this morning where he will announce $2.4 billion in funding for electric vehicle manufacturing.
Of the total, about $400 million of the total will go to buy thousands of plug-in hybrid and all-electric vehicles for demonstration projects. Another $1.5 billion will go to trying to foster an advanced vehicle battery industry in the U.S. And the remainder, about $500 million, will go to makers of electric drive components, power system and the other parts needed to make electric vehicles.
Most of the grants will go to companies in Michigan, struggling because of auto industy cuts. It will get 11 grants, followed by Indiana, with seven. The plan is paid for by stimulus funds already in place.
Companies chosen to participate are supposed to match the money. It will be used to produce batteries, electric motors and power electronics and other components.
German, Japanese, South Korean and Chinese automakers are all vying to produce electric vehicles. General Motors' Chevy Volt, an electric car with an auxiliary gas engine, and Nissan's Leaf, which is all-electric, should be the first two to see big rollouts in the U.S. over the next couple of years. It's yet to be seen, however, how popular they will become with consumers other than diehard urban environmentalists.
sorry about the bogus Zenn/EEStor rumor.
seems it's up today due to exposure in
a French investors newsletter. |
