rssObama Announces $2.4 Billion for Plug-In Hybrids
Thursday, March 19, 2009 at 3:06 pm
- 7 Comments
The administration is taking a bifurcated approach toward resuscitating the American auto industry, simultaneously allocating $5 billion to the auto parts manufacturers who are propping up an anachronistic Detroit and releasing nearly half that amount for investments in electric technology that could bring the industry into the twenty-first century.
Shortly after the Treasury announced the auto supplier funding, President Obama, speaking at an electric car plant in southern California, President Obama said that $2.4 billion of the Department of Energy’s stimulus funds would go toward the development and production of plug-in hybrid vehicles.
“This investment will not only reduce our dependence on foreign oil,” Obama said. “It will put Americans back to work.” According to a White House press release, the plan will create “tens of thousands of U.S. jobs.”
Most of the funds — $2 billion — will go to grants to companies that produce electric vehicles and their components. That leaves “up to $400 million to demonstrate and evaluate Plug-In Hybrids and other electric infrastructure concepts — like truck stop charging station, electric rail, and training for technicians to build and repair electric vehicles,” according to the press release.
While the $2 billion figure should go a long way toward jumpstarting (ha, ha) the electric car industry, the $400 million can do little more than “demonstrate and evaluate” the broad array of other projects. And the unfortunate timing of the announcement that conventional parts suppliers would get twice as much funding as manufacturers of new, energy-saving technology detracts from the impact what would otherwise be a milestone in the road toward low-emissions transportation.
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7 Comments
Comment posted March 19, 2009 @ 1:41 pm
The 2.4 Billion is just the first installment; the big problem is that no matter how much money you allocate, the car and oil companies just waste it on endless “research” instead of production.
The reason is simple: they refuse to build plug-in cars, and won't unless FORCED to do so.
Comment posted March 19, 2009 @ 1:55 pm
Agreed. The oil companies already own the patents on Nickle Metal Hydride battery technology that can go longer than 100,000 miles per pack. Toyota's has a RAV4 with over 100k miles on it, fully electric with NiMH technology, since the 90's. They just can't sell the technology because they do not own the intellectual rights. Those patents should be released and that technology should be public domain.
Comment posted March 19, 2009 @ 7:33 pm
What a joke. I dont believe anything the clown says anymore. 4T Budged, 2 T Deficit. BHOI Accepts No Responsibility for Fannie Mae, Freddie Mac, and the Toxic CRA Loans dragging down the Stock Market, Banking industry, the Mutual Funds. Jail for the Enron Crooks; none for Fannie Mae and Freddie Mac Crooks.
Comment posted March 19, 2009 @ 8:41 pm
The 2.4 Billion is just the first installment; the big problem is that no matter how much money you allocate, the car and oil companies just waste it on endless “research” instead of production.
The reason is simple: they refuse to build plug-in cars, and won't unless FORCED to do so.
Comment posted March 19, 2009 @ 8:55 pm
Agreed. The oil companies already own the patents on Nickle Metal Hydride battery technology that can go longer than 100,000 miles per pack. Toyota's has a RAV4 with over 100k miles on it, fully electric with NiMH technology, since the 90's. They just can't sell the technology because they do not own the intellectual rights. Those patents should be released and that technology should be public domain.
Comment posted March 20, 2009 @ 2:33 am
What a joke. I dont believe anything the clown says anymore. 4T Budged, 2 T Deficit. BHOI Accepts No Responsibility for Fannie Mae, Freddie Mac, and the Toxic CRA Loans dragging down the Stock Market, Banking industry, the Mutual Funds. Jail for the Enron Crooks; none for Fannie Mae and Freddie Mac Crooks.
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