The big picture: Walmart is the latest retail or fast-food chain to announce a major EV charging initiative, following 7-Eleven, Subway, and others.
According to Walmart, a whopping 90% of Americans reside within a 10-mile radius of one of its stores. This fact highlights the vast potential for Walmart to make fast EV charging readily accessible to all drivers, including those in underserved areas.
Walmart plans to install EV fast chargers at "thousands" of Walmart and Sam's Club locations across the U.S. by 2030.
This plan to dramatically expand its electric vehicle (EV) fast-charger network is a big deal for the country's quickly developing car-charging infrastructure.
It already has nearly 1,300 such chargers available at more than 280 locations.
There are many benefits of EV charging for retailers. For example, as the adoption of EVs increases, retailers are increasingly seeing charging as not only a competitive necessity but also an additional source of revenue.
They could take a slice of charging fees, for example, or be eligible for government subsidies designed to encourage private companies to install more chargers.
Charging an EV typically requires a minimum of 20-30 minutes, although the duration may vary based on the car and the charger used. This creates a significant opportunity for potential customers who are more likely to explore the store premises and make some impromptu purchases or grab a quick bite at the food court.
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