YOUR NEXT CAR WILL BE A VOLT:

Throughout the 21st century, the U.S. government has shifted away from oil-friendly policies and embraced more green technology.

But we're still very reliant on oil... In 2019, road transport made up 70% of America's oil consumption. So there's lots of room for more sustainable approaches.

And that's why electric vehicles ("EVs") have become such a hot topic... and a top national priority.

Now, boosting the U.S. EV industry will take some effort... To make that happen, we need to electrify roads, involve the private sector, and get a little government support.

The $1 trillion bipartisan infrastructure bill aims to transform U.S. transportation in just that way... $5 billion is earmarked for a massive network of EV charging stations across the country. The Biden administration has also promised to increase the number of EV charging stations from 100,000 to 500,000.

This government push has already sparked a wave of private-sector spending...

The Australian EV-technology developer Tritium is set to break ground later this year on a factory that will build EV charging stations in Lebanon. The new plant is expected to produce about 30,000 charging stations each year. [...]

And that's just the beginning...

Siemens, a multinational technology leader, plans to begin manufacturing alternating-current ("AC") chargers in the U.S. this year. Ultimately, the company aims to produce over 1 million EV chargers by 2025.

Another example is Electrify America, the largest ultra-fast direct-current ("DC") charging network in the U.S. This company is investing $2 billion over 10 years in Zero Emission Vehicle ("ZEV") infrastructure. It plans to have more than 1,800 charging stations in the U.S. and Canada by 2026.

To be clear, I'm not in love with the government picking winners and losers in this or any other industry. That said, anyone who has driven a Tesla knows how spectacular it is. In 2020, Teslas made up 79% of all EVs sold in the U.S. So it's likely that consumer demand for these cars will remain strong.

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