Under this agreement, the automobile industries will be provided incentives to make electric and advanced technology vehicles.  The industry will receive 3% of allowances from 2012 through 2017, and after that will receive 1% of allowances through 2025.

“We seen remarkable innovations from the automakers as consumers have shown interest in more fuel efficient vehicles, said Rep. Dingell, Chairman Emeritus of the Energy and Commerce Committee.  “The agreement on allowance values will spur more innovations and new, green job creation here at home.  This is a significant achievement for the automotive industry and its workers, as the bill will help fund research, development, implementation and deployment of new, low-carbon technologies and upgrading manufacturing facilities to provide the next generation of green vehicles right here in the United States.”  

“It is critically important that the American automobile industry be a strong driver of jobs as we move to build a more energy independent American economy,” said Rep. Waxman, Chairman of the Energy and Commerce Committee.  “These provisions assist our automobile manufacturers in a time of need by encouraging them to deliver the next generation of fuel efficient cars, trucks, and buses, which will create jobs for skilled workers and greater choice for consumers.”

“This agreement will recharge our automotive sector by moving forward with American production of electric vehicles and other fuel efficient cars, trucks, and SUVs,” said Rep. Markey, Chairman of the Energy and Environment Subcommittee.