EV Chargers Set to Be Deployed on America’s Highways

The Biden administration said yesterday it has now approved funding for all 50 states, DC and Puerto Rio to start accessing so-called NEVI funding to deploy electric vehicle charging infrastructure along public roads to establish an interconnected network. “This will now allow all states to have access to FY’22/FY’23 NEVI funding which should total in aggregate about $1.5B to build chargers covering about 75,000 highway miles across the United States,” says Tudor Pickering in a research note. “However, even with the funding tailwind, one thing we will be keenly watching with respect to EV adoption is how macroeconomic headwinds will impact big-ticket consumer purchases in the coming quarters.”