Obama sanctions $2.4 billion to boost electric vehicle development

US President Barack Obama is boosting his green image by unveiling a 2.4 billion dollar boost for electric vehicle development. In an attempt to catch up with other greener nations, Obama also vows to improve economy by focusing on this green race of being the world leader on renewable energy. This grant will be used to develop next generation plug-in hybrid electric vehicles, advanced battery components and create tens of thousands of US jobs. All this will also liberate America, to a certain extent, from its dependence on foreign oil. The President also visualizes a million of the environmentally friendly vehicles on US roads by 2015. The plan would also give a 7,500 dollar tax credit to people who buy plug-in hybrid vehicles. Comparing his country with green leaders like Germany, Spain and Japan, Obama has his plans chalked out to lead ahead. He has rightly said, “The nation that leads on energy will be the nation that leads the world in the 21st century.”
[Physorg]