More Federal Money Going To Develop Electric Cars
ARI SHAPIRO, host:
NPR's business news starts with more money for electric cars.
(Soundbite of music)
SHAPIRO: Washington is spending hundreds of millions of dollars to develop hybrid and electric car technologies here in the U.S. The aim is to develop the market so it doesnt become dominated by foreign automakers.
STEVE INSKEEP, host:
And GM has announced plans to build its own electric motor, using a $100 million government grant. Another infusion of government funds is going to a smaller company: Tesla Motors, which recently announced it will build two electric car manufacturing plants in California. Tesla will use $465 million dollars in government loans.
SHAPIRO: And private money is also going into clean car technology. A California company called Better Place announced yesterday that it received a $350 million investment from a group led by the bank HSBC. Better Place builds networks of charging stations for electric cars.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.