President Obama Visits Electric Car Plant and Promotes Spending Towards Goal of 1 Million Plug-in Cars by 2015
President Obama has mentioned before it is his goal to see 1 million plug-in cars on US roads by 2015. On Thursday he visited Southern California Edison’s Electric Vehicle Technical Center in California. The facility is an experimentla electric car plant that maintains more than 300 electric and gas electric cars.
There he said “our greatest discoveries are born not in a flash of brilliance, but in the crucible of a deliberate effort over time” and that “often they take an investment from government. ”
He acknowledged that “Japan is producing the batteries that currently power American hybrid cars.”
He said “We can remain one of the world’s leading importers of foreign oil, or we can make the investments that will allow us to become the world’s leading exporter of renewable energy.”
Obama also reiterated his pledge stating “we will put one million plug-in hybrid vehicles on America ‘s roads by 2015. ”
He took the opportunity to announce a new $2 billion 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.”
As well he introduced a $400 million “down payment” on preparing electric car infrastructure, and mentioned the $7500 tax credit already earmarked for the first 500,000 buyers of a company’s electric cars.
Meanwhile, back in DC the Auto Task Force is apparently nearing a framework that could be in place as early as next week for restructuring GM and Chrysler and defining how the governemnt will help, though bondholders and the UAW are still wrangling over their mandate to reduce the automakers debt to them.
And so it seems from this economic catastrophe, government intervention, and fantastically enormous spending, shall rise something positive, the electric car.
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This entry was posted on Thursday, March 19th, 2009 at 8:33 pm and is filed under Financial, Politics. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.