New York to spend $750mn for EV charging stations

New York will spend $750mn to expand electric vehicle (EV) charging locations in the state by 2025.

New York Governor Andrew Cuomo is providing $701mn to incentivize developers to build charging infrastructure, with an additional $48.8mn drawn from the Volkswagen diesel emissions settlement fund to build 51,500 total stations.

Of the total, 50,000 will be level 2 charging plugs that charge vehicles twice as fast as an outlet, with 1,500 fast charging stations as well.

The aim of the program is to position the state as a leader in EV deployment and technological advancement but also to cut carbon emissions by 85pc by 2050.

Cuomo has already put in place programs to have 10,000 stations by the end of 2021 as well as 850,000 zero emission vehicles by 2025.

Florida announced plans on 10 July to spend $8.6mn to expand its charging capacity by 50pc along the most traveled corridors.

EVs accounted for 2pc, or 326,644, of the 17.1mn US vehicle sales in 2019. The Tesla Model 3 held the largest share of EV sales with 47pc of total sales.

Tesla's Model 3 deliveries were up by 50pc to 76,266 vehicles in the first quarter from a year earlier. Production was up by 39pc to 87,282 vehicles.

EVs, the electric grid, cellphones, and wearables such as watches represented 60pc of lithium producer Albemarle's 2019 sales. The producer expects the price for battery packs to decline to $56/kWh by 2030 from the $156/kWh in 2019.

By Zach Schumacher