GM Generali

Generali (AQEU:GM)
Historical Stock Chart

From Jul 2019 to Jul 2024

Sen. Carl Levin, D-Mich., is pushing for a federal grant program to help U.S. companies develop batteries for fuel-efficient cars.

The program would provide grants to manufacturers to invest in the research and development of lithium-ion batteries used in hybrids and other fuel-efficient cars. A program to spur the development of battery technology was approved in a 2007 energy law but needs funding.

Levin called on Monday for $1 billion in funding for grants to be included in the economic stimulus package being crafted by President-elect Barack Obama and congressional leaders.

Levin said battery manufacturers are assessing whether to operate in the U.S. or other countries.

"We cannot afford to lose the development and production of advanced batteries to other countries that are willing to offer greater financial incentives than we are," Levin said from the Senate floor.

-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.