Friday, March 20

Obama releases funding for Next Generation Electric Vehicles

Yesterday, President Barack Obama announced that he would be making available $2.4 billion in funding for America's manufacturers to work on the difficult task of producing next generation Plug-in Hybrid Electric Vehicles and the advanced battery components that will make these vehicles run.

The funding is designed to create tens of thousands of U.S. jobs and help move the US toward bringing an end to the high demand and dependency on foreign oil.

Americans who decide to purchase these Plug-in Hybrid vehicles can claim a tax credit of up to $7,500.

"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." according to the official White House press release.

the President’s goal is to put one million plug-in hybrid vehicles on the road by 2015.

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