Last March 19, 2009, President Obama declared the $2.4 billion fund to aid the engineering and construction of electric vehicles and the technologies that will be needed to charge them up. The fund was derived from the ARRA or the American Recovery and Reinvestment Act of 2009.
The ARRA 2009 is presented into three parts. First, there is an allocated $1.5 billion for manufacturers in the US to let them create components and batteries. Second, to help manufacturers produce components like the electric motors, a fund of $500 million is reserved for them. And lastly, for evaluation and demonstration of plug-in hybrids and other electric enhancements, the act gave them $400 million. These electric enhancements are comprised of electric rails, charging stations and trainings for the technicians for the creation of the electric vehicles.
The declaration of the funding for US car manufacturers was the highlight of President Obama’s speech that is focused on energy and on the economy. His Excellency pointed out the must to find revitalized resources for electricity and to gain little dependency on imported oils.
This funding will not only help the creation of more electric and efficient vehicles, but also, it will open vast opportunities for the unemployed. This is an initiative to produce tens of thousand jobs in the United States. This will also give way to the Americans who will patronize these vehicles a claim on their tax credit for up to $7,500.