Obama Calls for 75% Budget Increase for Vehicle Research
April 11, 2013 11:00 AM
Obama continues to press for more fuel-efficient vehicles with new budget proposal
Despite the fact that consumers are not adopting electric vehicles and hybrids in force, the Obama administration continues to push ahead encouraging new vehicle research and broader availability for electric vehicles and hybrids. The federal government has handed out loans to help spur research and development to bring more fuel-efficient vehicles and other green technologies to market, and those loans have backfired on several occasions.
While Tesla Motors by all accounts
seems to be thriving
, producing upwards of
, some of its competitors haven’t been so lucky. Fisker was one of the recipients of a large government-backed loan and the company is expected to
President Obama has sent his 2014 budget proposal to Congress this week and while many programs and services are seeing their budgets cut, Obama is calling for a massive boost in money available for vehicle research. President Obama wants to increase the Energy Departments vehicle research budget by 75% to $575 million.
Tesla Model S assembly line [Image Source: Tesla Motors via Flickr]
Obama also wants to create a $2 billion trust fund to research ways to wean the country off foreign oil over the next 10 years.
"We'll continue our march toward energy independence," said Obama.
Obama is also calling for provisions in his budget to help jumpstart sagging electric vehicle sales. The president wants to increase the tax credit for electric vehicle purchases
from $7,500 today to $10,000
. With the current tax credit, the electric vehicle buyer takes the tax incentive as a discount on their yearly taxes. Obama's new plan would allow consumers to take the discount at the point of sale as a rebate.
The budget also wants to accelerate research and development for emerging battery technologies and new manufacturing processes to allow the automotive industry to produce cheaper electric vehicles with better range and faster charging capability.
"A politician stumbles over himself... Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response." -- Joe Scarborough on John Stewart over Jim Cramer
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