Group asking for investment in electric vehicles

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A group of companies including automakers, utilities and battery makers is urging the U.S. government to invest heavily in electric transportation technology.

Called the Electrification Coalition, news reports indicate the group is urging the U.S. congress to pass a number of tax credits and loan guarantees that would assist in bringing roughly 14 million electric cars to the road over the next ten years.

The group is led by Nissan Motor Co. and delivery giant Fedex Corp. The US$124 billion plan would see electricity become the major power source for cars. Published reports indicate the plan would be to build up the used of electric vehicles in six to eight cities with the eventual goal of having 75 per cent of all vehicle miles traveled powered by electricity by 2040.

- With files from The Associated Press