Hundreds of millions of dollars of US government funds have gone into the advancement of electric vehicle technology, including to electric vehicle [EV] manufacturers, advanced rechargeable battery technologies, and tax incentives for EV purchasers.
Barack Obama’s recent victory gives him a second term in office as President of the United States, which could mean that current green policy will stay in place. Electric vehicle manufacturers are hoping that there will be an increase of government programs in Obama’s second term.
The market for EVs has not been easy, mostly because the public still hasn’t gotten used to the idiosyncrasies of EV technology. Some EV technology companies have barely held on, such as Tesla and Fisker, whose sales have been lackluster, to say the least.
Companies that offer EV technology, such as GM and Toyota, at least have the rest of their lineup to keep them afloat. Unfortunately, companies like A123 Systems, an advanced rechargeable battery manufacturer, couldn’t wait it out, and have folded.
Tesla Motors, who received a $465 million loan from the Department of Energy in 2010, is expecting government support of EV technology to continue. Elon Musk, Tesla Motors CEO, said in New York, “I think that we can expect at least that things will continue as they have. I wouldn’t expect it to get any worse for electric vehicles, hopefully it will get a little better.”
After Obama’s victory, Musk also said he would support federal tax incentives up to $10,000 if it will boost sales and electric vehicle image.