Obama Pledges $2.4 Billion to Fund Next Generation Electric Vehicles Production
March 24, 2009 Kyriaki (Sandy) Venetis 
Chevrolet Volt. Photo by Xinhua News.
POMONA, Calif.- President Barack Obama has announced that his administration plans to make available $2.4 billion in funding to American manufacturers for the development of next generation plug-in hybrid vehicles and the advanced battery components that will make these vehicle run.
The announcement was made late last week to an audience at the Edison Electric Vehicle Technical Center, where he pledged that “the initiative will create tens of thousands of jobs, and Americans who decide to purchase these plug-in hybrid vehicles can claim a tax credit of up to $7,500.”
President Obama went on to say that the Department of Energy is offering several grant programs in an effort to bring these initiatives to fruition.
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