Obama Announces $2.4 Billion For Hybrid Technology

U.S. President Barack Obama today announced the US Government will invest $2.4 Billion in developing hybrid and electric fuel-source vehicles.

The investment into new technology is aimed at rebuilding the US economy and protecting jobs, Barack Obama told employees on the factory floor of a vehicle builder in Wakarusa, Indiana on Wednesday.

"For far too long we've failed to invest in this kind of innovative work, even as countries like China and Japan were racing ahead," Obama said.

"That's why this announcement is so important. This represents the largest investment in this kind of technology in American history." The grants will also cover the manufacture of batteries and components.

"I don't want to have to import a hybrid car, I want to build a hybrid car right here," he said. "I don't want to have to import a hybrid truck, I want to build a hybrid truck here. I don't want to have to import a windmill from someplace else, I want to build a windmill right here in Indiana."

The grants that President Obama announced on Wednesday will be distributed across nearly 50 projects in 25 states. The largest amount of grant money will be received by businesses in Indiana and Michigan, the heartland of the US vehicle industry.

Sphere: Related Content