Automotive sector analyst Lauren Fix on the future of the electric car market and Biden’s EV goal.
President Biden is set to showcase a charger manufacturing facility opening in Tennessee, which is expected to produce up to 30,000 “Buy America-compliant” chargers per year for electric vehicles and create up to 500 new local jobs.
Tritium, headquartered in Australia and founded in 2001, announced its first U.S. plant would be located in Lebanon, Tennessee.
BIDEN PRAISES SURPRISINGLY STRONG JOBS REPORT: ‘AMERICA IS BACK TO WORK’
Biden is scheduled to appear with Tritium CEO Jane Hunter to highlight the 500 local jobs the new facility will create.
President Biden speaks during a meeting with German Chancellor Olaf Scholz in the Oval Office of the White House, Monday, Feb. 7, 2022, in Washington. (AP Photo/Alex Brandon / AP Newsroom)
The White House said that the Biden administration is working to “ensure that the future is Made in America by American workers by strengthening and expanding Buy America rules to all taxpayer-funded infrastructure and public works projects.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DCFC | TRITIUM DCFC LIMITED | 9.38 | +2.54 | +37.13% |
“The future of the auto industry is electric, and America can own that future by building more here at home, creating good-paying jobs in the process,” the White House said, adding that the Bipartisan Infrastructure Law included a “down payment” on the electric vehicle future, with more than $7 billion in funding to “secure” an American electric vehicle supply chain, and $7.5 billion to build out “the first-ever nationwide public EV charging network.”
A Tritium charging station is seen at a ribbon cutting event for a Revel electric vehicle charging superhub in Brooklyn, New York City, June 29, 2021. (REUTERS/Andrew Kelly/File Photo / Reuters Photos)
Officials said that network would “provide a convenient, reliable, affordable and equitable charging experience with a focus on serving national highway corridors, rural areas, and underserved communities.”
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“It will also accelerate the adoption of electric vehicles, fight the climate crisis, and support domestic manufacturing jobs,” the White House said.
Meanwhile, later this week, Transportation Secretary Pete Buttigieg and Department of Energy Secretary Jennifer Granholm will announce the state allocations and guidance for the “Electric Vehicle Infrastructure Formula Program,” included in the infrastructure law. The program will provide $5 billion over five years to help states create a network of EV charging stations along designated Alternative Fuel Corridors on the Interstate Highway System.