Pinpointing the Challenges Faced in the EV Charging Field
Electric vehicles (EVs) are certainly having a moment right now when it comes to transportation. Portland, OR recently hosted their inaugural FIA Formula E race, an F1-style race showcasing the power of electric vehicles, at the Portland International Raceway. Meanwhile, the Tesla Cyber Truck has finally hit the market, EV prices are on the downturn, and 2023 end-of-year sales for the market are estimated at more than one million units moved.
Culturally speaking, this feels like a high watermark. EVs are no longer a novelty; they’re not a fad, and it’s getting easier and easier to sell people on their advantages over fossil fuel-based vehicles.
At the same time, we’re making big strides on the charging front. The 2023 Infrastructure Bill allots $7.5 billion to EV charging resources, so there’s government support for the cause, and 2022 alone saw more new charging ports than the previous three years combined. By 2030, we’re looking at 17,000 Tesla superchargers, 126,000 Level 2 ports, and over two million Level 2 chargers across the nation. That’s not even counting in-home charging ports.
A Ways to Go
All of this being said, there are still more roadblocks ahead than behind. EVs have found government support at a federal level, but support is also needed at the municipal level, and convincing voters and elected officials of the importance of EV charging on a county-to-county basis is easier said than done.
Add to this the fact that charging stations built in the US with federal funding require at least 50 percent of their components to be sourced from North American Free Trade Agreement (NAFTA) members, and you have another layer of challenge for the groups building this infrastructure.
Further complicating matters is the upswing in business, which has sparked intense competition. EV startups and Special Purpose Acquisition Companies have been struggling to develop and launch mass-production electric vehicles, and it’s only gotten more difficult with the big auto brands like Ford throwing their hats into the ring. Many small and medium-sized EV companies are starting to feel as if they’re being crowded out of the very industry they helped to build.
Ready, Willing, and Able
This is not to say that the situation is dire. Far from it, this is the turbulence that is to be expected in a developing industry. The challenges, roadblocks and setbacks being faced by those in the EV field are all signs of a bright future (and great opportunity) for electric vehicles. These are the issues you face when your industry is booming, not when it’s petering out.
The path forward will be carved by those who are not just willing but eager to face these challenges.
At TTI, we couldn’t be more excited to tackle these challenges as we do our part to achieve net-zero emissions. Our team of seasoned Specialists is putting decades of combined experience to work in equipping our customers to stay ahead of the curve with the best products on the market.
