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Obama's re-election a blessing for EV development

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Automakers, especially those that are banking on alternative energies, must be thrilled about Barack Obama's win in the U.S. presidential election last night. After investing billions of dollars to rescue GM and Chrysler in recent years, his administration will now keep pushing the development of hybrid and electric vehicles as well as more fuel-efficient technologies.

"Obama clearly still has a goal of 1 million plug-in EVs on the road by 2015," said Roland Hwang, director of the transportation program at the Natural Resources Defense Council.

The president will also insist on the new Corporate Average Fuel Economy (CAFE) standards, set at 54.5 mpg (4.4L/100km) by the 2025 model year.

However, given the reluctance of many American drivers to embrace alternative technologies, Obama has his work cut out for him if he hopes to change the face of the automotive landscape in the U.S. He has four more years to reach his goal, and you can bet the consequences will be felt north of the border, too.

Soure: Automotive News