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President Obama has pledged $2.4 billion toward making more electric vehicles a reality. The funds granted under the American Recovery and Reinvestment Act will be funneled into the manufacture of battery and electric vehicle parts for projects selected in more than 20 states.
The Department of Energy selected the projects, which are anticipated to create tens of thousands of new jobs, establish American leadership in creating the next generation of advanced vehicles and reduce our dependence on foreign oil.
The availability of these funds marks the largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made.
The funding allocates $1.5 billion to American manufacturers of batteries and battery, as well as battery recycling, $500 million for American manufacturers of electric drive components for vehicles, and $400 million towards the purchase of plug-in hybrid and all-electric vehicles for testing and evaluation and promotion of the transition to advanced electric transportation systems.
