Click here to preview the new Fast Company

Want to try out the new

If you’d like to return to the previous design, click the yellow button on the lower left corner.

Obama to Electric Car Entrepreneurs: Show Us What You've Got


The electric car industry got a major boost yesterday when President Barack Obama visited the Southern California Edison electric car plant in Pomona, CA and announced $2.4 billion in funding for next generation electric vehicles, including batteries, electric motors, and electric infrastructure concepts. Obama also guaranteed a tax credit of $7,500 for the purchase of said vehicles in the hopes of putting 1 million hybrid electric vehicles on the road by 2015. In other words: EV manufacturers, start your engines.

While the SoCal Edison plant is one of two test sites approved by the Department of Energy to research electric car performance, it is by no means a shoo-in for government cash. 

"Show us that your idea or your company is best-suited to meet America’s challenges, and we will give you a chance to prove it. And just because I’m here today doesn’t exempt all of you from that challenge — every company that wants a shot at these tax dollars has to prove their worth," said Obama.

Larger companies may have the advantage, but Obama's speech makes it clear that start-ups like ZENN, ZAP, Fisker Automotive, and Th!nk can get stimulus funding too.

[Via US Department of Energy]

Add New Comment