U.S. infrastructure is nowhere near ready for Biden’s electric vehicle timeline
President Biden recently announced an objective of increasing U.S. EV production to 50% of the U.S. fleet by 2030. It’s a very aggressive goal.
Current production sits at just 3–4%. Even to reach a more realistic 10%, the industry must undergo a massive transformation. We’ll need hundreds of thousands of new charging stations. We’ll need more electricity and better ways to store it. And though Biden is providing $3.1 billion in grants to seed the process, the private sector will need to step up in a major way.