Combined with Other Incentives, Credit Could Make Hybrids Cheaper Than Standard Fuel Trucks
Los Angeles, Calif.--(PRNewswire) - Vision Industries Corp. (OTCBB: VIIC), producer of the zero emission electric/hydrogen hybrid TyranoTM truck, is pleased to announce that it has joined a list of companies that includes Coca Cola, Anheuser Busch, FedEx, Frito-Lay, PepsiCo and Mack trucks in lending its support and endorsement of an amendment to the Internal Revenue Code, H.R.3367 which would significantly aid in the introduction of trucks such as the Tyrano. The amendment, which was introduced by Congressman Sandy Levin of Michigan, is intended to extend and enhance the Heavy Duty Hybrid Tax Credit which expired on December 31, 2009 (and will be retroactive for 2009-2010).
If enacted, H.R. 3367 will provide a tax credit ranging from $15,000 to $100,000 based on the gross vehicle weight rating and fuel economy. Vision Motor Corp believes the bill provides the added economic incentive that will help drive and speed the commercialization of its proprietary hybrid vehicle technologies which are currently being tested or used in the Southern California heavy duty truck market.
The following illustrates the proposed benefits of this and other incentives for the purchasers of Vision's hybrid zero emission trucks:
Growing demand for hybrid trucks has been historically hampered by high prices due mainly to the current low production volumes of hybrid systems. High prices continue to be a barrier for market adoption by fleet owners. Vision Motor and the other industry supporters of the bill believe that the incentives contained in H.R.3367 will spark heavy-duty hybrid truck sales by reducing the incremental cost of this lower emission, more fuel efficient -and in Vision Motor Corp's case -zero emission vehicles.
In a letter dated August 6, 2009 and sent to Congressman Levin by members of CALSTART and the Hybrid Truck Users Forum, they stated that the bill's "tax assistance will help kick-start annual production volumes from today's roughly 1,300 vehicles to 10,000 vehicles over the next 5 years."
Safe Harbor Statement
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Lawrence Weisdorn
COO & Chairman
Vision Industries Corp.
Office: 310.454.5658 ext 202
Direct: 310.927.1711