Thursday, August 6, 2009

Obama sends stimulus aid to foreign firms

"Nearly half of the $2.4 billion in federal grant money awarded Wednesday to stimulate the U.S. economy and boost the production of hybrid and electric vehicles went to six companies with ties to places as far away as Russia, China, South Korea and France."

"President Obama announced the grants during a visit to Indiana and said the funds would create domestic jobs and instigate more "green" manufacturing in the United States. But because so few American companies have the necessary technology, much of the money will initially go toward manufacturing electric vehicle batteries overseas."

"Three grants went to General Motors Corp., one for $105.9 million to help produce high-volume battery packs for the GM Volt automobile. But cells for the packs will be built in South Korea and by "other cell providers to be named."

"Of the grants awarded for 48 projects, the lion's share -- $1.07 billion -- went to the six companies with foreign ties and are meant to produce advanced battery and electric drive projects."

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