U.S. firms investing USD 700 Mn in EV charger production: White House

According to the White House, several companies within the United States investing around USD 700 million to boost the production of electric vehicle (EV) chargers.  These investments will be a major turning point, aimed to create over 2000 job opportunities, while also improving the accessibility and affordability of EV charging stations.

A major chunk of the investment is accounted for by Volkswagen AG’s unit Electrify America which invested USD 450 million, whereas Siemens AG allocated more than USD 250 million in hopes to further operations in its Texas and California units.

Even FLO, an EV charging operator is planning to invest a sum of USD 3 million to establish its first US assembly plant in Michigan. Reportedly, the White House has stated that on the back of these investments, the production capacity for EV chargers within the country will cross the mark of 250,000 per year.

It is worth mentioning that in August 2021 Joe Biden, President of the United States of America set an objective to convert nearly half of the vehicles to be sold by the end of 2030, into electric, plug-in, or fuel cell hybrid models.

In tandem with this development, subsidies worth nearly USD 7.5 billion have been initiated, which in turn has encouraged several private investments over the past few years.

This claim is supported by the White House’s Deputy national climate advisor, Ali Zaidi who stated that since chargers were being produced within native boundaries, they have been a commendable source of income for citizens across the country.

Consequentially, the energy sector showcased a rise of 4% in jobs mainly derived from opportunities in the carbon-cutting vehicles segment.

Albeit certain challenges associated with performance outcome and reliability continue to remain a hurdle that several industry players will have to overcome, the public charging network of the United States is expected to showcase robust expansion in the forthcoming years.

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