Many see electric cars as the vehicles of the future, especially as the world transitions from the use of fossil fuels. However, some are concerned about how electric cars get their juice, which is by charging. No one wants to be stuck in the middle of nowhere with no battery left.
Running out of power with no charging station is said to be one of the biggest obstructions to the mass adoption of electric cars. So to help address these concerns, the Biden administration is planning to install chargers to make it easier for owners of electric vehicles to charge their vehicles anywhere and at any time.
The government has allocated $5 billion to be used to construct half a million chargers. These funds will be distributed to different states, which have been given a deadline within which they should present their plans to the federal government. These funds will be used to make chargers convenient, reliable and fast, which is why states have been asked to prioritize installing chargers along the interstate highway system.
Every charging station to be built will need to have no less than four fast-speed chargers. These fast chargers are also referred to as DC fast chargers or Level 3 chargers. Direct-current fast chargers can recharge a vehicle’s battery in 15 to 45 minutes, depending on the car. Additionally, the chargers to be installed need to be able to connect to various auto brands.
A hindrance to this project may be the cost of DC fast chargers, which falls between $30,000 to $150,000. This purchase cost excludes installation costs. Given the low numbers of electric cars currently in use, all these chargers may not be used as frequently, which will make it hard to pay off the investment.
The reliability of charging stations is also another factor of concern. However, many hope that these bugs will be sorted out to ensure smooth sailing.
Currently, there exist some 45,000 charging stations in America. This figure is significantly lower than the total number of gas stations in the United States, which rests at 150,000. Some of these chargers have been manufactured by auto manufacturers. For instance, Tesla has built more than 900 charging stations in America. At the moment, however, these stations only charge Tesla cars.
Other chargers have been installed by independent charging providers, including ChargePoint, EVgo and Electrify America. These companies usually partner with grocery stores, big box stores and gas stations where they build their charging stations.
As charging points become more readily available, we are likely to see a lot more people buying EVs from all available manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN).
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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