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Obama launches US initiative to lower the cost of electric vehicles

12 March 2012
Obama launches US initiative to lower the cost of electric vehicles

NEW YORK: US President Obama has launched a new program which will lower the cost of electric vehicles (EVs) within the next ten years, accelerating EVs’ competitiveness in the automotive industry.

The initiative, EV Everywhere Challenge, will bring together leading US businesses, engineers and scientists to advance EV technology that will help increase affordability and convenience for drivers.

The acceleration of EV technology will allow EVs to become more competitive with traditionally fuelled cars, and supports Obama’s plans to offer consumers affordable fuel alternatives.

The initiative’s big targets include:

  • By 2022, enabling US automotive companies to be able to offer vehicles with a payback time of less than five years
  • Improving the sufficient range of EVs
  • Increasing EVs’ fast-charging abilities 

The initiative is part of the Energy Department’s Clean Energy Grand Challenges, which addresses North America's most urgent energy needs. 

Stephen Chu, US Secretary of Energy said of the program: "The Energy Department's Clean Energy Grand Challenges will engage America's scientists, engineers and young people to solve some of the nation's biggest energy challenges and make clean energy technologies affordable and accessible to the vast majority of American families and businesses. The EV-Everywhere Challenge is focused on advancing electric vehicle technologies and continuing to reduce costs, so that a decade from now, electric vehicles will be more affordable and convenient to own than today's gasoline-powered vehicles."

Amy Davidsen, Executive Director US, The Climate Group says: "Electric vehicles represent one of the most promising solutions for significantly reducing US transport emissions and oil dependence. But for EVs to reach mainstream, they must become cost-competitive with traditional vehicles. The President's new program, which follows a successful model for spurring technological innovation, will help EVs reach this point. It doesn't promise a quick-fix, but it represents a genuine and proven strategy for helping the US achieve its energy security and climate change goals."

See our electric vehicles (EVs) program

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