LOS ANGELES, Feb. 11 /PRNewswire-FirstCall/ -- Vision Industries Corp. (OTC Bulletin Board: VIIC), producer of the zero emission electric/hydrogen hybrid Tyrano™ 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:
- Based on Vision Motor Corp's gross vehicle weight rating of over 33,000 pounds (80,000 pounds) and zero fossil fuel consumed, Vision believes it's trucks will qualify for the full $100,000 tax credit.
- Combined with the California Hybrid Truck and Bus Voucher Incentive Program (HVIP) of up to $45,000 (for which the company is currently applying)), the total federal tax credit and state voucher funds could total $145,000.
- In essence, if both discounts are applied, a buyer would be purchasing Vision's hybrid zero emission vehicles in line with or at slightly lower cost than a new compliant 2010 diesel motor truck. And the operator would of course enjoy the economic benefits of the vehicle's superior fuel efficiency for the life of the vehicle.
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
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
CONTACT: Rudy Tapia, +1-310-454-5658, ext. 203
SOURCE Vision Industries Corp.
