U.S. policymakers are going all-in on electric vehicles (EVs), but the supporting infrastructure will require vast upgrades to be ready for the giant changeover.
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.
