The Wall Street Journal reports that TravelCenters of America is working with a company called Electrify America “to build around 1,000 electric-vehicle fast chargers across the U.S. starting this year, the latest matchup that would boost the amount of equipment available to American EV drivers who need a jolt of power on road trips.”
It is, the Journal writes, “one of the largest EV fast-charging build-outs in the US today.” TravelCenters is buying the units, and Electrify America will handle installation and maintenance.
“The partnership aims to add fast-charging stalls to around 200 of TravelCenters’ TA and Petro Stopping Centers. Fast chargers available to drivers of any kind of EV are in short supply across U.S. highways, where their presence is considered key to greater EV adoption as auto makers convert fleets to electric.”
The Journal writes that “many fuel retailers have been reluctant to invest in chargers because there aren’t enough EVs on the road yet for most locations to turn a profit, but U.S. electric-vehicle sales jumped in 2022 while the broader auto market contracted.” However, “the Biden administration has started giving states $7.5 billion to fund charging build-outs, money included in the $1 trillion infrastructure bill passed by Congress in 2021. Tax credits for installing EV chargers also were approved as part of last year’s Inflation Reduction Act, and budget estimators expect around $1.7 billion in tax credits for chargers or other alternative-fuels equipment to be claimed over a 10-year period.”
KC’s View:
There seems to be a sense that the EV market is about to be jump-started. The price reduction on Teslas is said to be related to the fact that there is a lot more competition out there (as well as Elon Musk’s erratic behavior which is undermining the market value of everything he touches), and that was followed yesterday by Ford’s decision to reduce the price of the Mustang Mach-E electric vehicle.
I wonder if we’re going to start seeing more retailers putting in these kinds of fast-charging stalls; it seems likely, especially if we start seeing consumers making choices based on their availability.
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