Obama Renews Commitment to Electric Vehicle Development with New $2.4 Billion Grant Plan

President Obama visited an electric vehicle testing facility in Southern California yesterday, where he announced a $2.4 billion competitive grant program aimed at getting electric vehicles on American roads as soon as possible. Obama visited the Edison International electric vehicle testing center in Pomona, CA as part of his town hall style tour of the nation in a direct appeal to voters to support his $3.5 trillion budget.

His visit included a tour of the facility and a brief speech in front of about 100 employees of the company. In his speech, the president announced a new program in which electric and hybrid vehicle manufacturers could compete for a $2.4 billion grant “to increase the manufacturing of batteries and parts used in the electric cars,” the Los Angeles Times reported. The grant would help manufacturers reach the Obama Administration’s goal of putting 1 million plug-in hybrid vehicles on the road by the year 2015.

Despite criticisms from Republican legislators and other critics that he is trying to do too much with his first budget, Obama seems to be resolute in his dedication to stimulating an energy revolution. With the US auto industry in a state of severe disarray, Obama is hoping that an ambitious combination of federal funding, incentives, and tax breaks for buyers of electric or hybrid vehicles (that could reach as high as $7,500 per vehicle) will kick-start a new American green car industry that will go a long way in reducing US dependence on foreign oil and reducing greenhouse emissions.

Watch an excerpt from Obama’s speech at the Edison International electric vehicle testing facility from the Associated Press: