Vontier CEO Warns Trump Funding Cuts May Slow EV Charging Growth

The CEO of Vontier Corp., Mark Morelli, has raised concerns about the potential impact of federal funding cuts by the Trump administration on the installation of electric vehicle (EV) charging stations across the United States. Morelli warned that the suspension of related funding programs could slow down the growth rate of EV charging station installations nationwide. This development comes at a critical time when the demand for EVs is on the rise, and the infrastructure to support them is becoming increasingly important. The reduction in federal funding could hinder the progress made in expanding the EV charging network, which is essential for encouraging more consumers to adopt electric vehicles.

The U.S. Department of Transportation's Federal Highway Administration announced in February that it would temporarily halt the approval of funding for the "National Electric Vehicle Infrastructure" program. This program, initially established by the Biden administration as part of the bipartisan infrastructure law, aimed to invest $5 billion over five years to install EV charging stations across all states. Morelli emphasized that while the electrification trend is still ongoing, the lack of this funding could slow down its growth rate, preventing it from meeting previous expectations.

Trump has made the repeal of Biden's EV policies a central part of his economic agenda. During the Republican National Convention in July, he pledged to "terminate the mandatory promotion of electric vehicles" on his first day in office if re-elected. Despite the potential slowdown, the electrification process is unlikely to stop. Morelli noted that the current number of charging stations in the U.S. is around 60,000, and this number will continue to grow. He also mentioned that even before Trump's potential return to power, the pace of energy transition in some global regions had already begun to slow down.

Several automakers have emphasized the importance of a well-developed charging network in promoting the adoption of electric vehicles. Additionally, some retailers are installing EV charging stations at their stores to attract customers. The uncertainty surrounding federal support for EV infrastructure could affect the plans of other companies in the industry, leading to potential delays in projects and a slower pace of innovation. The situation underscores the importance of stable government policies in fostering the growth of new technologies and industries.