Biden announces launch of $900 million EV initiative across the U.S.
The first round of funding will consist of $7.5 billion destined for the development of an e-mobility charging network throughout 35 states in line with the Bipartisan Infrastructure Law.
United States' President Joe Biden was present at the Detroit Auto Show last Wednesday, where he announced the release of the first round of funding for a nationwide electric vehicle charging network. The project involves a $900 million investment to develop the EV market across the country. The first round of financing will be destined to the construction of charging stations across 35 states.
The announcement comes after the signing of several law incentives to encourage drivers to transition from fossil fuel vehicles to the EV market. These include the Bipartisan Infrastructure Law, which involves a $7.5 billion investment for the deployment of the charging infrastructure; the Inflation Reduction Act and the CHIPS and Science Act, both legislations to support the development of the industry in the U.S.
“I’m pleased to announce that we’re approving funding for the first 35 states, including Michigan, to build their own charging infrastructure throughout their state. You all are going to be part of a network of 500,000 charging stations — 500,000 — across the country, installed by the IBEW,” said Biden in reference to the International Brotherhood of Electrical Workers labour union, according to a report by local news site CNBC.
“It used to be that to buy an electric car you had to make all sorts of compromises, not today. Look, the great American road trip is going to be fully electrified, whether you’re driving coast to coast along I-10 or on I-75 here in Michigan, charging stations will be up and easy to find as easy as they are now,” added the President of the United States.
The White House aims to reach 500,000 charging stations and that 50% of all new vehicles sold to be electric or plug-in hybrid electric models by 2030.
