Car Moon

U.S. President Barack Obama had the chance to get behind the wheel -but not on the road- of the new Chevy Volt during a visit today at the Compact Power battery plant in Holland, Michigan. The new plant, which is being built by a U.S. unit of South Korea's LG Chem with help from a $151.4-million federal grant, will manufacture batteries for the Volt, which goes on sale late this year, as well as for the new electric Ford Focus. The company estimates that it will hire more than 300 full-time Michigan workers when at scale.

Speaking at the groundbreaking ceremony, Obama said he expects that manufacturing advances will drive down costs of fully-eclectic and hybrid vehicles over the next few years.

"Because of advances in the manufacture of these batteries, their costs are expected to come down by nearly 70 percent in the next few years," the President said. "That's going to make electric and hybrid cars and trucks more affordable for more Americans. And that not only means more jobs but it also means we're going to be less dependent on foreign oil." Follow the jump for the full transcript of Obama's speech at the battery plant.