$2.4 Billion Grants to Speed Up Electric Vehicle Production
ELKHART, IN - The Department of Energy has selected 48 projects to receive $2.4 billion in recovery act funds to help accelerate the development and deployment of electric vehicles.
ELKHART, IN- Forty-eight new advanced battery and electric drive projects will receive $2.4 billion in funding under the American Recovery and Reinvestment Act to help accelerate the development and deployment of electric drive vehicles and technology. Winners were selected by the Department of Energy.
"[These investments] will help achieve the President's goal of putting one million plug-in hybrid vehicles on the road by 2015. And, most importantly, they will launch an advanced battery industry in America and make our auto industry cleaner and more competitive," said Energy Secretary Steven Chu.
The August 5 announcement marks the single largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made. Industry officials expect that this $2.4 billion investment, coupled with another $2.4 billion in cost share from the award winners, will result directly in the creation tens of thousands of manufacturing jobs in the U.S. battery and auto industries.
The new awards cover the following areas:
$1.5 billion in grants to U.S. based manufacturers to produce batteries and their components and to expand battery recycling capacity.
$500 million in grants to U.S. based manufacturers to produce electric drive components for vehicles, including electric motors, power electronics, and other drive train components.
$400 million in grants to purchase thousands of plug-in hybrid and all-electric vehicles for test demonstrations in several dozen locations; to deploy them and evaluate their performance; to install electric charging infrastructure; and to provide education and workforce training to support the transition to advanced electric transportation systems.
President Obama made the announcement August 5 at Navistar International Corporation, in Elkhart, Ind. Navistar will receive a $39 million grant to manufacture electric trucks which the company reports will ultimately will create or save hundreds of jobs when full scale manufacturing at the site commences.
View the full list of award winners.
More Fuel
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →
April Fuel Update: Prices Climb Above $4 as Spring Surge Accelerates
National average jumps to $4.04 per gallon, up sharply from last year, with West Coast prices topping $5 and further increases expected amid rising oil tensions.
Read More →
Tips from Fleet Managers on Saving Fuel Costs
Fleet leaders share practical strategies to reduce fuel spend through smarter policy, routing, and driver guidance.
Read More →
March Fuel Update: Prices Settle With a $4 Average
Fuel prices significantly slowed this week, but a $4 national average is still expected.
Read More →
Bob Adamsky on Fuel Volatility: “Don’t Panic — Have a Plan”
With oil prices rising again, AWP Safety’s fleet manager shares how to respond to rising fuel costs and how the right strategy can turn fuel spikes into cost-saving opportunities.
Read More →
Oil Market Turbulence Is Complicating Fleet Cost Planning
Rapid swings in crude oil prices driven by the conflict in the Middle East could create longer-term cost pressures for fleets, affecting fuel prices, supply chains, and vehicle strategy, says NTEA’s Andrew Wrobel.
Read More →
February Fuel Update: Prices Inch Higher for Third Week in a Row
The final February fuel update reveals prices continuing to inch higher for the third week in a row.
Read More →