President Biden to announce approval of $900M in EV charging funding
Chip Somodevilla


President Joe Biden on Wednesday will announce the approval of the first $900M in federal funding to establish electric vehicle charging stations across 35 U.S. states, the White House said.
The funding is part of a $1T bipartisan infrastructure law approved in Nov 2021.
Potential beneficiaries include: Tesla (NASDAQ:TSLA), ChargePoint (CHPT), Evgo (NASDAQ:EVGO), Blink Charging (BLNK), Wallbox (WBX), Allego (ALLG), Ads-Tec Energy (ADSE).
The President is scheduled to tour the North American International Auto Show in Detroit before making announcements on EV manufacturing investments in the U.S.
By 2030, Biden wants 50% of all new vehicles sold to be electric or plug-in hybrid electric models and 500K new EV charging stations. He signed an executive order in Dec 2021, directing the government to purchase nearly all EV or plug-in hybrid electric models by 2027.
A legislation signed in August awarded the U.S. Postal Service $3B to acquire more EVs and charging infrastructure. The mail company told Reuters last month it is proposing to significantly increase EV purchases, planning to add at least 25,000 EVs out of its initial order of 50,000 delivery vehicles from Oshkosh.

Dear Readers: We recognize that politics often intersect with the financial news of the day, so we invite you to click here to join the separate political discussion.