WASHINGTON, Aug. 5 (Xinhua) -- U.S. President Barack Obama announced Wednesday 48 new advanced battery and electric drive projects that will receive 2.4 billion U.S. dollars in funding under the American Recovery and Reinvestment Act.

U.S. President Barack Obama speaks on the economy at the Monaco RV vehicle construction factory in Wakarusa, Indiana, Aug. 5, 2009.(Xinhua/Reuters Photo) Photo Gallery>>>

    The announcement, made by Obama during his visit in Elkhart, Indiana, marks the single largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made.

    "If we want to reduce our dependence on oil, put Americans back to work and reassert our manufacturing sector as one of the greatest in the world, we must produce the advanced, efficient vehicles of the future," said Obama.

    These projects, selected through a highly competitive process by the Department of Energy, will accelerate the development of U.S. manufacturing capacity for batteries and electric drive components as well as the deployment of electric drive vehicles, helping to establish American leadership in creating the next generation of advanced vehicles, according to a statement released by the department.

U.S. President Barack Obama speaks on the economy at the Monaco RV vehicle maker in Wakarusa, Indiana, Aug. 5, 2009.(Xinhua/Reuters Photo) Photo Gallery>>>

    Industry officials expect that the 2.4-billion-dollar-investment, coupled with another 2.4 billion dollars in cost share from the award winners, will result directly in the creation of tens of thousands of manufacturing jobs in the U.S. battery and auto industries.

    "These are incredibly effective investments that will come back to us many times over -- by creating jobs, reducing our dependence on foreign oil, cleaning up the air we breathe, and combating climate change," said Energy Secretary Steven Chu. "They will help achieve the president's goal of putting one million plug-in hybrid vehicles on the road by 2015. And, most importantly, they will launch an advanced battery industry in America and make our auto industry cleaner and more competitive."

    Vice President Joe Biden and four members of the cabinet also fanned out across the country to discuss the historic announcement.