There is rapid growth in electric vehicle sales across the globe in recent times. Keeping this factor in mind, New York is all set to invest $750 million to expand electrical vehicle manufacturing and build charging stations and other required infrastructures to build electric vehicles. This is a state's long term goal to reduce emissions and protect the environment. The measure is set to create more than 50,000 charging stations, the highest number of charging stations ever in a state.
This project will be largely funded by the state's investor and other utility companies, with an approximate budget of $701 million, and it will be completed by the end of 2025. An additional amount of $48.8 million is allocated to build extra charging stations and German carmaker Volkswagen AG will power this.
Many carmakers and electric vehicle companies have shown an interest in investing in this project. Carmakers, including electric vehicle pioneer Tesla Inc, have significantly increased the range of vehicles on a single charge. Many consumers are still put off by the higher sticker price and a lack of charging infrastructure, according to various surveys. With this move, New York will become the city that hosts the highest number of charging stations with the highest number of electric vehicles.