Jun 28, 2022 - Energy & Climate

White House announces $700M in private investments for EV charging

Erin Doherty

An electric car charges at a mall parking lot on June 27, 2022 in Corte Madera, California. — An electric car charges at a mall parking lot on June 27 in Corte Madera, California. Photo: Justin Sullivan/Getty Images

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.

Go deeper... Biden administration floats draft EV charging station standards

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White House announces $700M in private investments for EV charging

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