Biden to Accelerate Electric Vehicle Adoption, Development with $174 Billion Plan

by

TRENDING NOW

President Joe Biden has consistently supported the mainstream adoption of electric vehicles (EVs), supporting them through his Buy American plan in January.

President Biden is supporting a national EV charging network through a proposed $2 trillion infrastructure bill, as reported by CNBC. Within the plan, Biden also promises to have at least 500,000 installed throughout the US by 2030.

On Wednesday, the Biden administration released a $174 billion plan to increase EV production and consumer adoption. The plan includes money to retool gas car factories and boost domestic material supplies, as well as increased tax incentives and grant opportunities for the country’s charging infrastructure.

The plan looks to benefit American EV automakers such as Tesla, which is trading up 3.8% as of writing.

While the legislation would certainly be a step forward for a burgeoning charging network, mainstream adoption of EVs will require more than just a bill such as this. The complexity of building a national EV charging network requires a combination of public and private partnerships which may involve municipalities, businesses, utility companies, and even EV companies themselves.

While EV-only companies like Tesla and Rivian have pledged to build their own charging infrastructure networks, legacy automakers like General Motors (GM), Volkswagen, and Ford are far more concerned with releasing electric cars, lowering costs, and, ultimately, catching up to Tesla.

Instead, many traditional gas automakers are electing to partner with third-party companies like Electrify America to help expand the EV charging network.

Previous

Tesla Helps Open Source Bitcoin Payment Processor Patch Vulnerability

Tesla Q1 2021 Deliveries Will Top Wall Street Estimates, Says Wedbush

Next