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EV charging has improved, but it cannot support the number of electric vehicles the Biden Administration wants on the road in the next few years. The administration’s $7.5 billion EV charging initiative should fix that. Finally, we know how companies can access those funds.
The Biden administration finalized its plan to build a national network of 500,000 electric vehicle chargers along highways, including a requirement that all Inflation Reduction Act-funded chargers be built in the US. Iron or steel charger enclosures and housing must be final assembled and manufactured in the US. By July 2024, at least 55% of all component costs must be made domestically.
All chargers must use the U.S.-dominant “combined charging system” (CCS) and a smartphone-friendly payment system.
Will this fix U.S. EV infrastructure? Does the plan miss important points? Share your thoughts in the next newsletter.
Let’s continue the week’s news.