EVgo Services LLC (EVGO)

[WeTheMarket]

New Biden EV charger rules stress Made In America, force Tesla changes
By Jarrett Renshaw and Hyunjoo Jin
February 15, 2023
https://www.reuters.com/business/autos-transportation/new-biden-ev-charger-rules-stress-made-america-force-tesla-changes-2023-02-15/

Key quotes:

"The Biden administration on Wednesday issued long-awaited final rules on its national electric vehicle charger network that require the chargers to be built in the United States immediately, and with 55% of their cost coming from U.S.-made components by 2024."

"Companies that hope to tap $7.5 billion in federal funding for this network must also adopt the dominant U.S. standard for charging connectors, known as "Combined Charging System" or CCS; use standardized payment options; a single method of identification that works across all chargers; and work 97% of the time."

"The first tranche of the billions in federal funds will now be rolled out to states in upcoming weeks, forcing companies like Tesla, EVgo Inc (EVGO.O) and ChargePoint Holdings Inc (CHPT.N) to jockey for their share of the funds from state governments."