McCain proposes $300 million car battery contest

CNetNews.com
June 23, 2008 1:27 PM PDT

Presumed Republican presidential nominee John McCain on Monday proposed a $300 million prize to develop a car battery that will "leapfrog" today's plug-in hybrids.

In an energy policy speech at Fresno State University in California, McCain also called for an overhaul to existing policies that favor domestic ethanol production--one of the biggest differences he has with his expected opponent, Senator Barack Obama.

McCain said that, if elected, his administration would issue a Clean Car Challenge that would give give a $5,000 tax credit to people who purchase "zero-emissions cars."

There would be a sliding scale so that vehicles, regardless of type, with lower carbon dioxide emissions will have larger tax credits.

His $300 million car battery prize is meant to spur creativity among automakers to make energy-efficient products.

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