President Joe Biden recently scored his first major win in the White House after the U.S. House of Representatives passed his gargantuan $1.2 trillion infrastructure bill. The historic bill, which allocates billions of dollars to electric vehicles (“EVs”) and public charging infrastructure, passed the Senate in August and is now headed to Biden’s desk for his signature.
The nascent electric vehicle industry and ancillary sectors will be major beneficiaries, with the bill earmarking $7.5 billion for the development of a nationwide network of charging stations. Furthermore, $65 billion will be invested in clean energy and renewables to reduce the electricity grid’s carbon footprint.
Calling the legislation a “once in a generation bipartisan infrastructure bill,” Biden says it will create millions of new employment opportunities, convert the climate crisis from a potentially catastrophic global event into an opportunity and put the United States on the path to economic greatness.
While the U.S. is one of the world’s largest EV markets in the world, China has made plenty of headway in developing a wide variety of EV models, building EV charging infrastructure, and mining and processing most of the minerals used to make EV batteries. The billions provided by the infrastructure bill could be what America’s EV space needs to surpass China and keep the country from taking a spot as the largest economy on the globe.
The infrastructure bill will provide significant monies to help update and expand transportation infrastructure. For instance, $110 billion will be invested in bridges, roads and major infrastructure projects, with $40 million being used to repair, replace and rehabilitate bridges, and $16 billion going to major projects that may be too large for conventional funding programs. The $40 billion investment in the country’s bridges is the largest ever dedicated investment in bridges since construction on the interstate highways system began in the 1950s, the White House says. Another $11 billion will be spent on promoting transportation safety, while $1 billion will go toward reconnecting communities, especially Black neighborhoods that were divided by infrastructure such as highways.
Over the next five years, $550 billion in federal investments will be used to beef up infrastructure, including roads, bridges, broadband, energy and water systems. According to experts, the money will be instrumental in making travel safer and ensuring the efficient transportation of goods and products across America. Democrats say that the bill will fund itself via multiple measures without increasing the citizens’ tax burden.
This bill may just be what electric vehicle industry players like Rivian need to tip the balance in favor of a quicker uptake of EVs by the motoring public.
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