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PHOTO CAPTION: Unfinished electric cars in Elkhart, Indiana plant.

Think Electric Car Initiative Disappoints Hard-hit Elkhart

While the Norwegian managed company went into receivership and had its asset assumed by its main Russian investor, the city has benefited from the general improvement in the auto industry.

Published: 19-Aug-2012

ELKHART, Ind. - Elkhart, Indiana lost jobs faster than any other city in the country in 2009. Both Democrats and Republicans promised to re-energize manufacturing in the city, backing a new electric car plant. But as CBS News investigated, instead of a boom, things went bust.

With unemployment peaking above 20 percent, Elkhart, Indiana was at the white-hot center of the economic meltdown, and a natural launch point for President Obama's electric vehicle initiative.

" So that's why I'm here today," the president said three years ago. "To announce $2.4 billion in highly competitive grants."

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