Electric Vehicles

Biden to Offer $51 Million Electric Vehicle Fund 

By Simon Johns - May 31, 2023

President Joe Biden’s administration allocated U.S. $51 million fund to “build public confidence” in electric vehicles and close the gaps in national charging infrastructure. The gaps in coverage affect rural, disadvantaged and hard-to-reach locations, according to the Joint Office of Energy and Transportation.

While Unites States lags China and the European Union when it comes to electric vehicle penetration, the trend is upward. As overall new car registrations have fallen, EV sales have continued to rise in proportion. Registrations in the first quarter of 2023 topped 250,000 units. A larger selection of models on offer aided this growth. This year, there are 42 models available to US car buyers, up from 34 in 2022. 

But growth of e-mobility has created a shortfall between fleet size and infrastructure supply. Called the Ride and Drive Electric fund, the money is intended to balance this shortfall by facilitating the transition to e-mobility and private-sector investments in clean transportation.

At the same time as allocating the fund, the administration launched the National Charging Experience Consortium. The aim is to develop a reliable national charging network in collaboration from more than 25 companies and organizations.

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