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Biden opens $5 billion funds to expand EV charging network

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Biden opens $5 billion funds to expand EV charging network

Washington: The Biden administration will announce on Thursday how they will credit USD 5 billion to expand the electric vehicle charging stations in the state in the next five years.

The administration wants to push Americans to move away from gasoline-powered vehicles, even as efforts in Congress to get enough additional funding for EVs stalled. The administration will provide $615 million in 2022 but states must first submit plans and obtain federal approval.

Funding will help us win the EV race by working with states, labor, and the private sector to deploy a historic nationwide charging network said the U.S. Transportation Secretary Pete Buttigieg.

By 2030, Biden wants 50% of all new vehicles sold to be electric or plug-in hybrid electric models and 500,000 new EV charging stations; He does not support the phasing out of sales of new gasoline-powered vehicles by 2030.

The Biden administration said in guidance on Thursday that states should prioritize investment on interstate highways first. The administration anticipates that states will generally choose to appoint private entities to set up and operate EV charging stations.

The White House passed legislation stalled in Congress to increase the current $7,500 EV tax credit to $12,500 for federally made US vehicles, up to $4,000 for used EVs, and lift the current 200,000-vehicle EV manufacturer tax credit cap. Supported, which re-qualify General Motors (GM.N) and Tesla (TSLA.O).

That bill includes a 30% credit for commercial electric vehicles, $3.5 billion to convert American factories to EV production, and $9 billion to buy EVs and charging stations for the U.S. Postal Service and the federal government.

About Vijendra

Vijendra
Vijendra has a master’s degree in Marketing and editor with passion. Exploring economic policies of different economies and analyzing geo-politics policies is of keen interest. In his free time he is a hardcore metal-rock and punk music fanatic.

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