The Biden administration announced yesterday $5B in funding for states to construct charging infrastructure for electric vehicles. It marks the first tranche of funding drawn for such projects under the $1.2T bipartisan infrastructure bill passed last year.
Initial funds will be focused on fast-charging stations located along major interstate highways, an attempt to address a disconnected and difficult to access charging infrastructure across the country. The administration has set a goal of 500,000 new chargers by 2030, an elevenfold increase over current stations.
Electric vehicles sales in the US jumped 83% in 2021 year-over-year, accounting for 3% of the market (hybrids notched another 5% of light vehicle sales). Still, EVs make up less than 1% of the more than 250 million passenger vehicles on the road today—see a visualization of the challenges facing the industry here.
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