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Biden's New EV-Charging Plan May Challenge Tesla Advantage

The Biden administration's infrastructure bill signed last month sets aside as much as $7.5 billion to build a cross-country charging apparatus.
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Driving an electric vehicle cross country could get a lot easier soon as the Biden administration prepares to unveil the federal strategy for a cross-country electric vehicle charging station network. 

The plan to build 500,000 charging stations coast to coast will be funded in part by the $1 trillion infrastructure law the U.S. president signed into law in November. 

The law authorizes $5 billion in federal money for states to build the network and another $2.5 billion for local grants to support charging stations in rural areas and poor communities. 

Currently, Tesla  (TSLA) - Get Tesla Inc Report has the country's most extensive charging apparatus with its supercharger network. But the Austin company's advantage could be challenged by the government's new initiative. 

"President Biden, American families, automakers, and autoworkers agree: the future of transportation is electric,'' the White House said in a statement. 

“The electric car future is cleaner, more equitable, more affordable and an economic opportunity to support good-paying, union jobs.''

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The Biden administration has been very pro-EV.

Last week, the president signed an executive order that commits to making the U.S. federal government carbon-neutral by 2050. 

The plan also calls for a 65% reduction in greenhouse gas emissions by 2030 and an all-electric fleet of car and trucks by 2035. 

Vice President Kamala Harris is scheduled to announce the strategy at an event on Monday in Maryland not far from the White House, according to reports.

The new strategy establishes a joint EV office between the federal energy and transportation departments; issues guidance and standards for states; and ensures consultations with manufacturers, state and local governments, environmental justice and civil rights groups, tribes and others. 

Electric vehicle makers were mixed Monday with Tesla falling more than 1.5%. Rivian Automotive  (RIVN) - Get Rivian Automotive, Inc. Class A Report jumping nearly 4% after the EV maker won a prestigious industry award