Auto Industry, Electric Cars | featured news

Barack Obama will use a visit to a Chicago-area lab on Friday to call on Congress to set aside $2bn over the next decade to fund research into a next generation of electric cars. The White House said the Energy Security Trust, which Obama first proposed in his state of the union address, would use royalties from offshore oil and gas drilling in public waters and would not add to the deficit.

It's a make or break moment for electric car maker Tesla Motors. Tesla has lost nearly $1 billion selling high-end electric sports cars to the likes of George Clooney. Now it's going to attempt to sell them to the rest of us - and try to make money doing so.

General Motors will buy Chevrolet Volts back from any owner who is afraid the electric cars will catch fire, the company's CEO says.

Electric cars will become fairly commonplace in the not-too-distant future, especially in major cities that are equipped to charge these vehicles in parking lots and at home. About 3.2 million plug-in electric cars will be sold by 2015, with sales largely concentrated in New York, Los Angeles, San Francisco, San Diego, and Chicago, according to auto industry analysts at Pike Research.

General Motors Co has withdrawn its application for $14 billion in subsidized loans from the U.S. Department of Energy, saying it has the financial strength to fund investment in more fuel-efficient and electric vehicles.

Electric-car maker Telsa Motors, which makes a luxury all-electric car that sells for $109,000, hopes to raise $178 million from its IPO, which could debut on Nasdaq on June 29.

Industry officials may be quick to talk up the newest in electric transportation. They’ll also admit it’s not going to be easy abandoning the time-tested internal combustion engine.

In the city, most drivers will rely on the rechargeable battery and should get at least 230 miles per gallon, G.M. said.

The goal of getting the US solidly back into the race to become the leader in the production of electric cars gets a boost today. President Obama is headed for Indiana this morning where he will announce $2.4 billion in funding for electric vehicle ...

The Obama Administration will lend Tesla Motors $465 million to build an electric sedan and the battery packs needed to propel it.