Alejandro Arrieche
Tesla is asking its social media following to vote for the places where they would like the firm to install its Superchargers as the company headed by Elon Musk continues to deploy the required infrastructure to keep its electric vehicles on the road.
In a tweet published yesterday, the EV manufacturer asked the public to comment on where they would like to see new charging stations and stated that the most voted locations will be incorporated into the poll.
Tesla (TSLA) has been preparing to open up its network of superchargers to vehicles from other brands in an effort to boost the revenues produced by this segment of the business. Based on the response of users on social media, some of the most popular locations include Hawaii, Alaska, and US national parks.
Elon Musk, the CEO of the electric vehicle manufacturer, has recently stated that Tesla has plans to double the size of its network of charging stations every year. Users have been reporting elevated levels of congestion in the fastest charging stations within the states that have the highest number of Tesla vehicles in circulation such as California.
Certain venues like shopping malls and big-box retailers can also apply with Tesla to incorporate charging stations to their premises as a way to attract foot traffic from visiting Tesla drivers who have to wait at least a few minutes nearby to charge their vehicles.
ChargePoint’s Network Almost Doubles That of Tesla
Charging stations are critical pieces of infrastructure for electric vehicles to function in the same way as service stations are critical for automobiles powered by fossil fuels.
In this particular segment of the EV market, Tesla is facing competition from many companies including ChargePoint, EVGo, and Blink. All of these companies have been installing charging stations across the US territory.
Also read: Quick Guide to Invest in Rivian (RIVN) Stock
The largest company by network size appears to be ChargePoint with a total of 60,000 EV charging stations spread across the globe. For comparison, Tesla reportedly owns a total of 35,000 charging stations worldwide that offer to add 200 miles to its vehicles in around 15 minutes.
In addition, legacy companies that own an extensive network of service stations for fossil fuels could easily incorporate charging stations from either Tesla or other brands. Even though this is a product that competes directly with the main commodity they sell, incorporating this offering allows them to participate in the market without having to make meaningful changes to the business’s infrastructure.
The White House Is Backing the Expansion of the Country’s EV Infrastructure
President Joe Biden’s administration approved earlier this year an initiative that would provide states with approximately $5 billion in funding over the next 5 years to help deploy what they call “alternative fuel corridors” across the Interstate Highway System.
In 2022 alone, the program seeks to allocate $615 million for this particular effort based on the NEVI formula. States are required to submit their proposals on how they will use the funding including the locations in which the charging stations will be placed if the funding is approved.
Also read: The Biggest Threat to Tesla Could Come from Apple
“We are modernizing America’s national highway system for drivers in cities large and small, towns and rural communities, to take advantage of the benefits of driving electric”, commented Jennifer M. Granholm, the US Secretary of Energy for the Biden Administration.
Later in June, the White House announced that President Biden’s efforts to promote investments in the electric vehicle space have resulted in the deployment of $700 million in funding to increase the United States manufacturing capacity for EV charging stations to around 250,000 units per year.
Companies including Electrify America and Siemens were among the private businesses that have already approved programs that seek to expand the country’s network of charging stations.
In total, the government will be investing approximately $7.5 billion for this particular effort as part of the recently approved Infrastructure Law.
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This article was written for Business 2 Community by Alejandro Arrieche.
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