$2.4 billion Funding for American Hybrid Development

At least $2.4 billion will become available to American car manufacturers, in President Barack Obama’s latest support program for next-generation electric vehicles.

The announcement was made while the President was visiting the southern California Edison’s Electric Vehicle Institute.

“This investment will not only reduce our dependence on foreign oil, it will put Americans back to work,” President Obama said.

The USD$2.4 billion will be split into at least three areas. $1.9 billion will be used to assist manufacturers in the design and production of batteries, electric motors and other components required for the hybrid technology.

Additionally, $500 million dollars will be available for the development of future infrastructure such as charging stations and education of technicians.

Purchasers of hybrid cars will also reportedly be eligible to claim a tax credit incentive of up to $7,500 on the purchase price of the vehicle.

The US Department of Energy is looking into the public education of hybrid technology and ongoing evaluation programs. This is all to add impetus to President Obama’s 2015 goal of putting more than one-million hybrid vehicles on American roads.