Jun 28, 2022 - Energy & Environment

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

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.

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