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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 500 cars/week, 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 file bankruptcy soon.
 
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.

Source: Detroit News



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RE: strange
By Mint on 4/12/2013 9:53:31 PM , Rating: 2
Oil prices aren't dictated by commodities trading, either. They just create variability. For every trader that made money on the upswing 6 years ago, an equal number lost it on the downswing.

No, oil prices are determined by OPEC. Oil is has very low price elasticity of demand, and it controls about 50% of world production output. It doesn't take much output cutting via quotas to control prices. The only thing stopping them from jacking prices even further up is the threat of alternative technologies.

That's what tools like Reclaimer don't understand. North American production won't affect prices at all until it more than doubles in output and forbids exports, isolating itself from foreign demand like we do with natural gas.


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