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.