Obama Expects Electric Battery Prices to Decrease;

President Obama said that the prices of batteries are expected to decline at a rapid rate. Volkswagen models like the Hybrid Jetta will use some of the latest battery technology that will be found at a lower cost in the upcoming years due to advances in battery manufacturing. The Hybrid Jetta will available for purchase at a discount during Volkswagen Deals. The President attended a ceremony for the opening of a new plant that would be producing batteries and is a plant of South Korea's LG Chem company. Batteries and other technology may be found at a Coastal Pawn shop.

The plant was funded in part by the United States Department of Energy and will provide many jobs to the local area and help boost the economy. The plant will produce batteries that may be used in vehicles sold at a Dodge New York dealership and other dealers. The plant is a sign of new industries that will produce high demand products that will be developed in the United States.

The President hopes to solve two problems with one effort by bringing more alternative fuel and energy companies to the United States which will help the environment by producing "greener" technology for domestic use, and provide jobs for many millions of unemployed Americans.

The President said, "Because of advances in the manufacture of these batteries, their costs are expected to come down by nearly 70 percent in the next few years. That's going to make electric and hybrid cars and trucks more affordable for more Americans."

LG Chem CEO Bahnsuk Kim said that he expects a 50 percent drop in battery prices by 2015 due to improved production measures. The increased demand at that point would allow for more and more batteries and thus electric vehicles to be produced. At the current moment the high cost of batteries is somewhat of a deterrent to consumers that may wish to by hybrid or electric vehicle models but can't afford the high initial cost.

The President and many others hope that the lower battery costs will result in increased electric vehicle sales, and the electric vehicle may become the new standard of automobile as a result of the lower prices.