The White House Forges New Program To Support Electric Vehicles; Ford, GM, Tesla On Board

President Barack Obama and his administration announced on Thursday a new initiative to combat climate change, increase access to cleaner sources of energy and reduce the nation's dependence on oil.

The U.S. Department of Energy (DoE) launched the first-ever "Sustainable Transportation Summit," which brings together the federal government, private sector, individual states, electric utilities and electric vehicle charging companies.

The objective of the initiative is to accelerate the deployment of electric vehicle charging infrastructure and encouraging the use of electric vehicles.

The White House detailed which automakers are already on board to support the new program through their respective private sector commitments.

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Among U.S. automakers, Ford Motor Company (NYSE: F) will invest an additional $4.5 billion in electrified vehicle solutions and add 13 new electric cars to its product line by 2020.

General Motors Company (NYSE: GM) is set to introduce the Chevrolet Bolt EV, which boasts a 200 mile-plus range on a full charge and sell for under $30,000 (net full federal tax credits). The company will also continue investing in battery technology and expertise.

Tesla Motors Inc (NASDAQ: TSLA) will begin delivering its much anticipated Model 3 sedan in late 2017, and the company has already begun operations at its $5 billion Gigafactory in Nevada.

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