Welcome to this week’s edition of the Thomas Index Report.
Ahead of the holiday season last year, Amazon announced the deployment of its Rivian electric delivery trucks. Around the same time, freight mobility tech company Einride completed the first public road pilot of its completely autonomous electric vehicle (EV). These innovations follow an uptick in demand for efficient EVs, and now auto manufacturers recognize that for EVs to be viable for mass market use, advancements in charging are necessary. As a result, there is increased sourcing for EV charging stations on Thomasnet.com®, with figures up 132% year-over-year.
EVs made up less than a quarter of a percent of total U.S. car sales ten years ago, but recent investments put the country on track to embrace an electric mobility future. In September 2022, all 50 U.S. states were approved for a plan to deploy electric vehicle charging stations across more than 75,000 miles of highway.
Falling under the Bipartisan Infrastructure Law, the $5 billion program works in conjunction with other major EV production investments. For example, ABB E-mobility announced a $4 million investment in a South Carolina facility that will eventually produce 10,000 EV chargers annually. Overall, in 2022 alone, companies committed more than $700 million to support EV charging infrastructure development and deployment. Our industrial sourcing platform has more than 50 electric vehicle charging station suppliers, including Tesla.
But the extra chargers aren’t enough; there is also a need for speed. Although the average vehicle is only driven 35 miles per day in the U.S., nobody wants to sit and wait for their vehicle to finish charging so they can begin their commute. To combat this, researchers from Pennsylvania State University created a battery that only takes ten minutes to charge up to 70% capacity. The battery uses thin sheets of nickel foil that enable internal components to absorb electricity more quickly. This process also makes it possible to create lighter and smaller batteries at a lower cost. Rechargeable batteries sourcing is up 675% quarter-over-quarter and 291% year-over-year on Thomasnet.com®.
I’m Anna Wells, and this is the Thomas Index Report.