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U.S. Invests the Most in Electric Vehicles

The United States is leading the world in financial support for electric vehicles, the Financial Times reports. An electric vehicle index by McKinsey shows that the United States leads France, Germany, and several other western European countries in electric vehicle funding. China tied Germany for third place on the index.

While there are only a few thousand electric vehicles on the roads today, future mainstream offerings such as Nissan's LEAF and Chevrolet's Volt will likely create a spike in the number of electric cars sold.

Most major auto producers are investing in electric vehicles, including Indiana's Bright Automotive, which put $5 million towards an electric delivery van. The model could be ready within four years.

The United States is still the only country to have major government financial backing for the electric vehicle industry. In 2007 the country earmarked $25 billion in grants and loans for advanced vehicle technologies, including electric cars. The stimulus package of 2009 put another $2.4 billion towards grants for electric vehicle batteries and parts.

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