New York Governor Andrew Cuomo announces $750M investment program to expand electric vehicle infrastructure

In a development that underscores the growth of electric vehicles, New York Governor Andrew Cuomo announced an investment program that allocates $750 million to build charging stations and other electric-vehicle infrastructure, as part of New York’s state’s long term goal to reduce vehicle emissions.

The measure is set to create more than 50,000 charging stations and will largely be funded by the state’s investor-owned utility companies, with the total budget capped at $701 million through 2025.

Furthermore, an additional $48.8 million will come from a 2017 settlement with Volkswagen AG over its diesel emissions cheating scandal to fund electric school and transit buses, as well as charging stations.

The development comes in the wake of a similar measure adopted by Florida on July 10 through an announcement that it will invest $8.6 million towards expand the network of charging stations.

According to the U.S. Department of Energy, although the sales of electric vehicle have increased in the last few years, they however make up less than 2% of all U.S. vehicle sales in 2019.

An increase adoption of electric vehicles is partly stifled by a lack of reliable charging networks, with the bulk of them concentrated in densely populated urban areas as well as on the U.S. East and West Coasts.

Although many electric carmakers, including electric vehicle pioneer Tesla Inc, have ramped up production and increased the mile range of their offering, many consumers are put off by its price points and a lack of charging infrastructure, according to surveys.



Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy, Sustainability

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