White House announces $700M in private investments for EV charging
The Biden administration announced Tuesday that a number of companies are planning to invest more than $700 million to boost U.S. manufacturing capacity for electric vehicle charging.
Driving the news: The investments are set to create more than 2,000 new jobs and increase domestic capacity to manufacture more than 250,000 new EV chargers each year, the White House said.
- Among the investments, Volkswagen unit Electrify America announced an investment of $450 million and Siemens announced an investment of more than $250 million.
The big picture: President Biden has set a goal of creating a national network of 500,000 public charging stations, to be in place by 2030.
- Biden earlier this month also floated draft regulations that would set standards for federally financed EV charging stations as part of a national buildout.