Topic starter
14/12/2021 2:45 pm
- This morning the White House launched an electric vehicle (EV) charging action plan, designed to progress the Country towards the President's goal of 500k chargers nationwide, and 50% of EV sales share by 2030.
- The action plan is heavily weighted towards federal research and directives, with today's announcement 1) establishing a joint office of Energy and Transportation; 2) convening a series of stakeholder meetings; 3) preparing to issue guidance to states and cities on how to deploy EV charging stations; 4) requesting input from domestic manufacturers to ensure the network can be built domestically; 5) soliciting nominations for "alternative fuels corridors."
- As for money, the release today flags $5b from the infrastructure bill (0.5% of total) allocated to States for roads and EV infrastructure; however, today's announcement also indicates there will be ~$3b in federal grants made available to ensure the charger network meets administrative priorities.
- The Country has ~100k charge points in place, suggesting the $3b of federal grants will provide $7,500 in support towards each of the additional 400k chargers needed to meet the President's goal.
- Referring to a DOE report from 2015, the department estimates cost of commercial-grade chargers in the range of $10k-$40k, suggesting the $7.5k grant per location will have a major impact on the direction of the Nation's EV infrastructure.
- There are currently around 150k gasoline stations nationwide, suggesting the President's goal of 500k charge points would put EV infrastructure on par with internal combustion engine (ICE) infrastructure; and that's before accounting for the proportion of EV owners likely to charge at home.
- Tesla (NASDAQ:TSLA) operates the largest EV charging network in the US, with around 30k chargers (worldwide); CEO Elon Musk was in the press last week indicating the infrastructure bill should be canned entirely.
- Though Tesla may feel like its privately funded network is being crowded out by taxpayer-funded government grants, equipment manufacturers like Blink (NASDAQ:BLNK) and ChargePoint (NYSE:CHPT) are likely to benefit as they sell equipment into the rapidly growing market.
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