No, not really. That money is coming the old fashioned way, through VCs and other investors. What money the government has is being thrown at the big three (hence, this bailout!) hoping that they will go against their own interests and build one.
The real reason we don't have an electric car today, besides the fact that the battery technology isn't there for what everyone assumes is the 'base' vehicle, is all the crazy regulations there are for putting out a new automobile. All the different (and contradictory!) safety, environmental and construction requirements, millions of dollars in testing REQUIRED on a new vehicle, and the paperwork make it impossible to just put together a car and sell it.
The big three have all the infrastructure to do this BS in house, while a start up will either have to build it themselves, or pay big bucks to lease it from the big three.
As for the battery issue, that is because, for some crazy reason, people assume that an electric vehicle HAS to have 300 miles of range to be viable. It probably isn't true, but it has sure helped the big three to have a good excuse for not doing anything for ten years...
Charlie