In Indiana, Obama Touts $2.4B for Electric Cars
"I'm here because I believe our ability to recover and to prosper as a nation depends on what happens in communities just like this one," Mr. Obama said. "The battle for America's future will be fought and won in places like Elkhart."
The town's unemployment rate soared 10 points over the past year and now stands at 16.8 percent, a fact the president called "astonishing." He said the area has been "hit with a perfect storm of economic troubles."
Mr. Obama said the city will revive, in part because of the grant announced today for the Elkhart-based company Navistar. The company will receive $39 million to manufacture electric trucks, which should create or save hundreds of jobs once full scale manufacturing at the site begins. Overall, seven projects in Indiana will receive grants totaling more than $400 million.
"Just a few months ago, folks thought these factories might be closed for good, but now they're coming back to life," the president said. "And I want to point out, these thousands of jobs wouldn't be possible if it weren't for the leaders in Congress who supported the Recovery Act."
The investments in Indiana are part of the $2.4 billion in funding under the American Recovery and Reinvestment Act announced today that are going toward 48 new advanced battery and electric drive projects. The money will be split among nearly 50 projects in 25 states.
"I don't want to just reduce our dependence on foreign oil and then end up being dependent on their foreign innovations. I don't want to have to import a hybrid car. I want to be able to build a hybrid car here," the president said.