Obama says U.S. will make 40% of advanced vehicle batteries in five years

autobloggreen (Blanco) - President Obama was in Michigan today to visit the construction site of LG Chem/CPI's new advanced battery plant in Holland. The federal government is involved in the plant through a $151.4-million grant, and the visit gave the President the chance to promote American manufacturing...As for where the U.S. will be going in the plug-in vehicle space, Obama said this country will make 40 percent of the world's automotive batteries in five years. Right now, the U.S. makes around two percent.

The feds have put money into nine battery manufacturing projects around the country. Most of the government's $2.4 billion help for advanced batteries went to Michigan. [Source: Lansing State Journal]