Electric vehicle charging company to build Tennessee factory

By AP News

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NASHVILLE, Tenn. (AP) — An Australian electric vehicle charging company will establish its first U.S. manufacturing facility in Tennessee, an announcement that President Joe Biden on Tuesday hailed as being a result of the federal government's effort to build a national network of electric vehicle chargers.

NASHVILLE, Tenn. (AP) — An Australian electric vehicle charging company will establish its first U.S. manufacturing facility in Tennessee, an announcement that President Joe Biden on Tuesday hailed as being a result of the federal government's effort to build a national network of electric vehicle chargers.

Tritium is expected to produce up to 30,000 charging stations a year and create 500 new jobs over the next five years at the new facility based in Lebanon, roughly 30 miles (48 kilometers) east of Nashville.

Biden praised the Tritium announcement in remarks at the White House, saying the Tennessee-produced charging stations will be a reflection of the bipartisan infrastructure deal , which provides $7.5 billion in federal grants to build a network of charging stations.

“It’s going to create more than 500 good-paying jobs in Tennessee, but it’s going to deliver greater dignity and a little more breathing room to workers and their families,” Biden said.

Tritium CEO Jane Hunter said that Biden’s investments in electric vehicles led the company “to pivot and change our global manufacturing strategy.”

“With the help of the hard-working residents of Tennessee, we expect to double or even triple our charger production capacity to further our product distribution throughout the United States,” Hunter said in a statement.

The company’s stock price jumped more than 30% on Tuesday, trading at roughly $9.40 through the afternoon.

The announcement also comes after Ford Motor Co. unveiled plans last September to build an electric vehicle and battery plant near Memphis .

Ford and South Korean battery maker SK Innovation say they will spend $5.6 billion to build a factory to produce electric F-Series pickups. The project, located near the small town of Stanton in rural Haywood County, is expected to create about 5,800 new jobs at the West Tennessee megasite by 2025.

“Tennessee is at the forefront of the electric vehicle evolution, and we are proud to have another global company join the roster of companies that support this thriving industry in our state," Tennessee Economic and Community Development Commissioner Bob Rolfe said in a statement.

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Associated Press Writer Josh Boak in Washington contributed to this report.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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