One of the biggest setbacks for electric vehicle sales is the production of EV batteries. Automakers across the industry are working tirelessly to keep up with the supply demand of BEVs. The Biden Administration is even putting forth federal funding to keep up with electric car batteries to stimulate the electric vehicle market. The administration announced that it will award over $2 billion in grants that will go towards projects that improve BEV production. The grants are coming from the infrastructure law that was written into law previously this year.
President Biden has made pledges to decrease the effects of climate change, which includes eliminating greenhouse gases and the use of fossil fuels. President Biden previously awarded millions in grants that goes towards a wide variety of EV charging and electric vehicle initiatives as part of one of his biggest goals when coming into office. The National Electric Vehicle Infrastructure Formula Program (NEVI) was put into place earlier this year as a way to grow the national infrastructure of EV charging stations. This program resulted in more areas across the country having better infrastructure to withstand EV charging stations and having more funding to implement them. Other programs include EV charging stations being installed along the highways in all 50 states.
Other ways the government has been helping fund the EVolution is by providing tax breaks to those installing EV charging stations. There are numerous financial incentives and grants people can apply for if they want to have EV charging stations on their property when it may not be finically feasible.
Click here to read the original article, originally published on October 19, 2022, by CNBC.