The EV-Everywhere project was announced at an event at the Daimler Truck factory in Mt. Holly, North Carolina this week, and will combine the knowledge of engineers, scientist and businesses to push the technology forward and encourage carmakers to manufacture future models and components in the country.

Not only would this create jobs and stimulate the economy, Obama said, but it would close the price gap between electric vehicles and conventional alternatives, helping to alleviate the country’s dependence on imported oil.

The project is aimed at making five-seat, American-developed and built electric vehicles  with a payback time of less than five years, a long range and fast recharge times so drivers could use it daily.

United States secretary for energy, Dr. Steven Chu, said: ‘The Energy Department’s Clean Energy Grand Challenges will engage America’s scientists, engineers and young people to solve some of the nation’s biggest energy challenges and make clean energy technologies affordable and accessible to the vast majority of American families and businesses.

‘The EV-Everywhere Challenge is focused on advancing electric vehicle technologies and continuing to reduce costs, so that a decade from now, electric vehicles will be more affordable and convenient to own than today’s gasoline-powered vehicles.’