Summary
– EV fast chargers in the US are growing due to Joe Biden’s NEVI program
– There is now one EV fast charger for every 15 gas stations in the US
– States like Indiana, Missouri, Tennessee, and Alabama saw growth in EV fast-charging stations
– The EV charging industry is becoming more profitable, potentially leading to a big inflection point
– The industry is advancing and reaching a somewhat mature phase in the US, with more growth expected
Article
The United States is experiencing a strong growth in electric vehicle (EV) fast chargers, largely due to Joe Biden’s $5 billion National Electric Vehicle Infrastructure (NEVI) program. In the first quarter, the number of public EV fast chargers in the country increased by 7.6%, totaling close to 8,200 stations. Approximately 600 new fast charging stations went online during this period, with about a quarter of them being Tesla Supercharging stations. This growth has led to the existence of one EV fast charging station for every 15 gas stations in the country, with around 2,000 Tesla Supercharger stations and 6,000 non-Tesla stations compared to 120,000 gas stations.
States that were previously lagging behind in the EV revolution and lacked sufficient EV charging infrastructure received a boost in the last quarter. Indiana added 16 new EV fast-charging stations, while Missouri, Tennessee, and Alabama added 13, 13, and 11 stations respectively. Major convenience store chains such as Buc-ee’s and Wawa have also committed to supporting EV charging, contributing to the widespread availability of charging stations across different regions. This progress not only helps in reducing charging deserts but also brings the industry closer to profitability, which could lead to further scaling and growth in the EV charging market.
The EV charging industry in the United States is showing signs of maturity and advancement, with the potential for profitability on the horizon. Philipp Kampshoff, the head of McKinsey’s Center for Future Mobility, suggests that many charging stations are approaching a point where they could turn profitable. This could mark a significant inflection point in the EV industry, particularly for companies such as EVgo and Electrify America. While Tesla has never focused on making money from its Superchargers, the increasing access to the network by other automakers and Tesla’s own financial challenges raise questions about the potential for revenue generation through pricing adjustments.
Despite the progress and growth in the EV charging industry, there is still much more to be done in terms of infrastructure development and market expansion. However, the industry has come a long way from where it was just a few years ago, indicating a positive trajectory for EV adoption and charging infrastructure in the country. With increasing investments and commitments from government programs, as well as companies like Buc-ee’s and Wawa, the future looks promising for further advancements in EV charging technology and infrastructure.
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