EV Makers On A Roll As US Approves EV Charging Plans For 50 States

EV Makers On A Roll As US Approves EV Charging Plans For 50 States
  • The U.S. Transportation Department (USDOT) approved the electric vehicle charging station plans for all 50 States, the District of Columbia and Puerto Rico, covering 75,000 miles of highways.
  • All States now have access to more than $1.5 billion to help build EV chargers. 
  • The National Electric Vehicle Infrastructure (NEVI) formula funding under the Bipartisan Infrastructure Law, which makes $5 billion available over five years, will help States install EV chargers along interstate highways.
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  • The November 2021 $1 trillion infrastructure bill provides $5 billion to help states install EV chargers along interstate highways, Reuters reports.
  • The report added that the Federal funds would cover 80% of EV charging costs, with private or state funds making up the balance.
  • President Biden has set a goal for half of all new vehicles sold in 2030 to be zero-emissions vehicles.
  • Earlier, Tesla Inc TSLA made some U.S. Supercharger networks accessible to non-Tesla EVs.
  • Price Action: TSLA shares traded higher by 0.68% at $277.88 on the last check Tuesday.

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