In a bid to accommodate different charging standards and foster cooperation within the industry, the new charging company will support both CCS and the Tesla standard. The CEOs of the seven auto brands emphasized the importance of building a charging network comparable to traditional gas stations, complete with restrooms, food service, and retail operations. Such an infrastructure is expected to facilitate a faster and more extensive rollout of EVs, with industry leaders projecting EV sales to exceed 50 percent of all U.S. vehicle sales by 2030. This joint venture faces competition from established EV charging companies, including Volkswagen's Electrify America, ChargePoint, and EVGo. These companies are also looking to accelerate their charger deployment with the support of federal funding. The Biden administration has set an ambitious target of achieving 500,000 charging stations by 2030, a nearly four-fold increase from the current number.