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Obama Visits Pomona, Announces Funding for Electric Vehicle Innovation

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President Barack Obama just wasn't on a tour of an electric vehicle plant in Pomona today, he was there to make an announcement. There's now $2.4 billion in funding towards the next generation of Plug-in Hybrid Electric Vehicles and the advanced battery components. Those who decide to purchase these Plug-in Hybrid vehicles would then be able to claim a tax credit of up to $7,500, according to the White House.

“This investment will not only reduce our dependence on foreign oil, it will put Americans back to work," President Obama said. "It positions American manufacturers on the cutting edge of innovation and solving our energy challenges."