The green movement and electric cars got a boost on Thursday when President Barack Obama pledged a whopping $2.4 billion to electric car research and development. The pledge puts the US in the race to become the world leaders in the green car environment. Obama set a target of putting a million of the environmentally friendly vehicles on US roads by 2015.
The plan would also give a $7,500 dollar tax credit to people who buy electric hybrid vehicles, Obama said, as he toured a plant in southern California developing the new generation transport.
The funds, dispersed by the Department of Energy, will offer up to $1.5 billion dollars to US manufacturers who produce highly efficient batteries and half a billion dollars for firms that produce other components for the vehicles.
Thursday, March 19, 2009
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