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Key Takeaways From US's New Standards for National EV Charging Network

Benzinga · 06/09/2022 07:26
  • The U.S. Transportation Department (USDOT) proposed minimum standards and requirements for electric vehicle (EV) charging projects funded under a $5 billion government program.
  • The government sought 50% of all new vehicles sold to be electric or plug-in hybrid electric models and 500,000 new EV charging stations by 2030, which could serve as a significant breakthrough for EV makers like Tesla, Inc (NASDAQ:TSLA) and others.
  • The new standards made charging EVs convenient, reliable, and affordable for all Americans, including driving long distances.
  • Also Read: Tesla, Other EV Makers Said To Have Asked Biden For Heavy-Duty Truck Charging Investments
  • Reuters quoted Transportation Secretary Pete Buttigieg saying, "Everyone should be able to count on fast charging, fair pricing, and easy-to-use payment." 
  • The new proposed rule from the Federal Highway Administration would ensure EV owners could use charging stations nationwide with similar payment systems, pricing information (and) charging speeds.
  • "Everybody should be able to find a working charging station when and where they need it - without worrying about paying more or getting worse service because of where they live," Buttigieg said.
  • The rules ensured EV stations built nationwide could communicate and operate on the same software platforms.
  • The rules would mandate funded EV charging stations to have at least four ports capable of simultaneously fast charging four EVs working 97% of the time and bar charging stations from requiring drivers to have a membership to use them.
  • Price Action: TSLA shares traded higher by 3.26% at $749.24 in the premarket on the last check Thursday.
  • Photo via Wikimedia Commons