President Barack Obama defended plans Thursday to boost government spending to buy more efficient vehicles, saying it would create more jobs for the struggling auto industry.
Source: Detroit News
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WASHINGTON (AP) — President Barack Obama wants automakers to make greener cars at a time when General Motors and Chrysler are hanging by the thread of a massive government loan and auto sales have plummeted to their lowest levels in more than two decades. Warren Buffett, one of President Obama’s boys, just bought 10% of BYD, China’s # 2 automaker. BYD stands for “Build Your Dreams.” BYD’s e6, a purely electric car, is going to try the US market quite soon. Mr. Buffett is having 50 of them sent over in May. “It makes no sense for us to shovel more money into the problem if you have not seen an auto industry that is committed to restructuring — restructuring that, frankly, should have been done 10 years ago, 20 years ago, 30 years ago,” he told reporters. t took $4-a-gallon gasoline to do it, but our leaders (and leaders-to-be) have finally recognized that “borrowing from the Chinese and sending money to Saudi Arabia” is not an energy plan. So what exactly does the president-elect envision for our energy future, and what does it mean for investors? Obama would raise vehicle fuel economy standards by 4 percent a year and give automakers $4 billion in assistance to retool plants for making new fuel-efficient cars. Provide a $7,000 tax credit for purchasing “advanced technology” vehicles and put 1 million plug-in hybrid cars that get 150 miles per gallon on the road by 2015. [...] Obama: “One of the most important infrastructure [...] Joe Biden thought he was flaying John McCain’s approach to energy development when, during the Oct. 2 vice presidential debate, the Delaware Democrat summed up the GOP policy as “drill, drill, drill.” [...] PM’s Geek the Vote series takes an in-depth look at the presidential candidates’ policies and positions on science and technology. In this installment, car-tech experts evaluate the stances of Senators John McCain and Barack Obama on America’s future electric vehicles, including funding for battery research, tax credits and loan guarantees for a struggling American auto industry [...] |
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