Obama launches $1 billion fund to spur deployment of clean-fuel vehicles

President Obama toured Daimler Trucks North America manufacturing plant in Mt. Holly (North Carolina), and highlighted the automaker’s commitment to increasing fuel economy standards and building vehicles that will reduce oil consumption. “The Freightliner trucks that you’re making here run on natural gas, and that makes them quieter, it makes them better for the environment, it makes them cheaper to fill up than they would be with diesel. I hear you sold your 1,000^th natural gas truck last November, the first company to reach that milestone. That is something to be proud of,” he said.

Regarding the $1 billion program Obama added: “To cities and towns all across the country, what we’re going to say is, if you make a commitment to buy more advanced vehicles for your community, whether they run on electricity or biofuels or natural gas, we’ll help you build fueling stations nearby. And we’ll offer tax breaks to families that buy these cars, companies that buy alternative fuel trucks like the ones that are made right here.”

In addition, the president proposed a new tax incentive for commercial trucks that provides a credit for 50% of the incremental cost of a dedicated alternative-fuel truck, including vehicles powered by natural gas or electricity, for a five-year period. This incentive will not only drive down domestic demand for oil, but also drive up demand for the sorts of vehicles built at Freightliner’s Mt. Holly Plant and, in turn, spur job creation in the American manufacturing sector.

Source: The White House