U.S. President Barack Obama on Wednesday announced the allocation of one billion dollars to promote the use of clean vehicles.
As part of that effort, Obama is visiting the Mt. Holly Truck Manufacturing Plant in North Carolina. There are several alternative fuel vehicle models built at the plant.
During the visit, Obama will "discuss the importance of taking a sustained, all-of-the-above approach on energy, responsibly expanding domestic production of natural gas and oil, which is currently at an eight year high, improving the efficiency of our cars and trucks, and making the long-term investments in alternatives to oil to provide American families the choices we all deserve," the White House said in a statement. "This strategy is a win for the economy, a win for energy security, and a win for national security."
The billion dollar allocation is part of the National Community Deployment Challenge, which is aimed at bolstering the use of clean, advanced vehicles in communities across the nation.
As part of that effort, Obama will also announce incentives to help "consumers and businesses purchase new, advanced cars and trucks, including increasing and expanding the current tax credit for advanced vehicles, from the $7,500 credit that currently exists up to $10,000, while allowing the credit to be applied to additional types of technologies, not currently covered," the White House said.
"In addition, the President is announcing a new research challenge that invests in breakthrough technologies to make electric vehicles as affordable and convenient to own and operate as gasoline-powered vehicles by the end of the decade," the statement read.