Raphael Stevens

The Biden administration wants at least 500,000 publicly accessible electric vehicle chargers on US roads by 2030.
Now, companies that build and operate charging networks — including Tesla, GM, Ford, ChargePoint and others — stand to reap the rewards of federal funding if they meet new requirements.
White House officials announced that Tesla will open up 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers. Previously the company’s chargers in the U.S. were mostly used by and made to be compatible with Tesla EVs only.

A Tesla, Inc. electric vehicle charges at supercharger location in Hawthorne, California, on August 9, 2022.
Patrick T. Fallon | AFP | Getty Images

The Biden administration wants to see at least 500,000 electric vehicle chargers on US roads by 2030, and announced a slate of initiatives on Wednesday to help make that a reality, including commitments from companies that build and operate charging networks like Tesla, GM, Ford, ChargePoint and others.
All of the companies stand to reap the benefits of federal funding if their planned charging infrastructure projects meet new federal standards, which were also revealed on Wednesday.

As part of this effort, White House officials said, they locked a commitment from Tesla to open thousands of its chargers to electric vehicles made by other manufacturers. Until now in the US, Tesla Supercharging stations have been accessible primarily to drivers of the company’s own cars.
Tesla specifically agreed to make at least 7,500 of its publicly accessible chargers in the US available for use by any compatible EV by the end of 2024. That total will include at least 3,500 of Tesla’s 250-kilowatt Superchargers located along key highway corridors, as well as the slower Level 2 destination chargers that the automaker provides at locations like hotels and restaurants, the officials said.
Tesla also agreed to triple the number of Superchargers in its U.S. network, with new chargers that will be made in Buffalo, NY, the official said. The company has been assembling some of its charging equipment at a facility in Buffalo that was originally intended as a solar panel factory.
Tesla has intended to open up its charging network in the US for years. According to Tesla’s most recent annual financial filing, in November 2021 the company “began to offer Supercharger access to non-Tesla vehicles in certain locations in support of our mission to accelerate the world’s transition to sustainable energy.”
White House infrastructure chief Mitch Landrieu told reporters on Tuesday that Musk was one of many automotive sector CEOs involved in discussions with the White House about charging infrastructure last year.

“He was very open, he was very constructive,” Landrieu said. “And at that time, he said his intent was to work with us to make his network interoperable. Everybody else on the call agreed.”
Landrieu added, “It was critically important to us that everybody be included in the conversation.”
The White House also lauded other automakers and companies, praising a separate deal between General Motors, Pilot Company, and charging network EVGo to install 2,000 fast chargers at Pilot and Flying J centers along U.S. highways.
GM via a separate partnership with FLO, also plans to install up to 40,000 public Level 2 EV chargers in US communities by 2026, which will become part of GM’s Ultium Charge 360 network, and be available to all EV drivers.
Ford has committed to installing DC Fast chargers at 1,920 of the company’s dealerships by January 2024.
Hertz and oil giant BP’s EV charging unit plan to install thousands of chargers in major U.S. cities for use by Hertz customers and the general public.  
Among Wednesday’s announcements, the Departments of Energy and Transportation also revealed new charging standards that “ensure everyone can use the network – no matter what car you drive or what state you charge in.” Among the requirements:

All new chargers built with federal funds must support the Combined Charging System (CCS) plug standard. The CCS standard is used by most automakers other than Tesla.
New charging sites built with federal funds will be required to have a minimum number of DC Fast chargers.
Federally funded chargers must be up and running at least 97% of the time once installed.  
Effective immediately, all federally-funded chargers must be assembled in the U.S., and their steel enclosures must be made in the U.S. By July 2024, at least 55% of the chargers’ components (measured by cost) must be made in the U.S. as well.
New chargers built with federal funds to be compatible with new user-friendly technologies like “Plug and Charge”, which – as the name suggests — automates the process of paying for the charge.

There are also new rules to help ensure that drivers don’t have to use multiple apps to find and use chargers, by making data on charger locations, pricing, and availability public and available via mapping applications.  
But in one omission that will raise questions from staunch environmentalists, the new federally funded EV chargers will not necessarily be powered by clean energy sources.
Officials said it will be “company dependent” whether EV chargers that are federally funded are powered by renewables or “clean electricity,” or simply connected to the existing electrical grid.
Transportation has been responsible for 25% of carbon emissions from human activity globally, according to estimates by the non-profit International Council on Clean Transportation. Much of that pollution comes from tailpipe emissions, but charging with electricity from clean or renewable sources increases the climate benefits of switching to an electric vehicle.
According to environmental impact research by Project Drawdown, compared to gasoline-powered vehicles, emissions drop by 50% when an electric vehicle’s power is drawn from the conventional grid. When powered by solar energy, carbon dioxide emissions from an electric vehicle fall by 95% versus a comparable internal combustion engine vehicle that burns gasoline.
Officials did suggest it will all work out in the long run, however. During the briefing, Energy Secretary Jennifer Granholm emphasized that the President’s goal is to get to a “fully clean electric grid” by 2035.

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When I travel, I like to try to experience a city in a local way.
So when I stayed in Downtown Vegas — more traditional and less flashy than “The Strip” — I went to yoga classes and coffee shops in residential areas. And when I went to Kerala, India, I chose a homestay in the city of Kochi over a name-brand hotel.

The joy of living like a local comes from a slower pace of vacation, where I don’t feel like a tourist checking off a list. It gives me a truer sense of a place.
Having been born and raised in London, I know many places — from parks and restaurants to cafes and architectural sites — that a visitor might not seek out straight away. Some treasures are literally underground.
And I have my favorite ways of seeing some of the city’s main attractions too.

Central London

London is split into multiple locally governed areas. Central London’s City of Westminster is its political heart, while the City of London is where the capital’s financial decisions happen.
The City of Westminster is home to:

the Palace of Westminster, also known as the “Houses of Parliament”
the majority of London’s theaters, around Soho and Covent Garden, an area known as the “West End”
Mayfair, where you could easily spend the cost of your airfare on a night out
some of London’s best green spaces, like Regent’s Park and Hyde Park

London’s Hyde Park is a great spot for walking or picnicking, but cyclists should stick to marked paths.
Andrew Holt | The Image Bank | Getty Images

One of my favorite things to do here is cycle. Bikes for hire are available from Santander Cycles, near Lancaster Gate Underground station just north of Hyde Park (download the program’s app for pick-up and drop-off locations). There are several cycle paths around Hyde Park that take in sights like Kensington Palace, the official residence of The Prince and Princess of Wales, and “The Serpentine” — a lake toward the south of the park.
But be warned: Several paths across Hyde Park are pedestrian-only, and police often fine people who cycle on them.
Hyde Park connects to Green Park via a busy intersection that has traffic signals for cyclists. After crossing the street and cycling along Constitution Hill, you’ll reach Buckingham Palace. On a warm day, I might carry on cycling into St James’s Park, just opposite the palace, and have lunch at its roof-terrace café.

The City of London is a blend of old and new, with St Paul’s Cathedral close to skyscrapers as well as Roman ruins.
Shomos Uddin | Moment | Getty Images

The City of London (often referred to as “the City”), juxtaposes shiny glass and steel towers and residential blocks built in the 1960s with traditional pubs and the ruins of the ancient Roman city of Londinium. The Bank of England is a short walk from St Paul’s Cathedral, the huge, domed church designed by Sir Christopher Wren in the late 17th century.
I prefer to walk around this area. A weekday visit at lunchtime shows the hustle of the place as workers pile out of their offices for a quick meal.
Postman’s Park, though tiny, is a popular spot for a sandwich, with its Memorial to Heroic Self-Sacrifice, a series of tablets dedicated to ordinary people who died saving others. Close by, Christchurch Greyfriars Church Garden is set in the ruins of an 18th-century church and is worth seeing for the flowerbeds contrasting with the remains of the church walls. For a traditional pub, try The Cockpit, a quirky bar on St. Andrew’s Hill, a backstreet near St Paul’s Cathedral.

Christchurch Greyfriars in the City of London. The church was badly damaged in World War II and a garden was created in its remains in 1989.
Chrisdorney | Istock | Getty Images

St Paul’s may be the best-known monument in the area, but it’s also fascinating to get beneath the City’s streets — literally — to see part of London’s Roman history. The roughly 2,000-year-old Billingsgate Roman House and Baths sit below an uninspiring office block. Easy to miss, there are few surface-level clues to the remnants below, which can be accessed by guided tours on Saturdays from April to November.

North London

I was raised close to one of London’s largest parks, Hampstead Heath. “The Heath” — as locals call it — is hilly and wild, and it’s easy (and fun) to get a bit lost in it. The views from the top of Parliament Hill are a great way to orient yourself in the city, and the park’s historical Kenwood House has an art gallery that’s free to enter.
Hampstead Heath station, on the London Overground train line, is at the Heath’s southwest tip, and on a sunny weekend in any season you’ll find the nearby street packed with Londoners getting coffee before hiking the Heath. A top spot is the independently owned Karma Bread. My favorite treat there is the cardamom bun, or shakshuka for breakfast.

Parliament Hill Lido, an unheated outdoor swimming pool on Hampstead Heath, was opened in 1938 and is accessible every day of the year.
Hollie Adams | Getty Images News | Getty Images

At the southeast tip of Hampstead Heath is the 1930s-built Parliament Hill Lido, an unheated outdoor swimming pool that is a classic local delight on a hot day. It’s open all year round and facilities are basic: expect to drape your towel on the concrete pavement around the pool. Its website has schedules, pricing and reservation information.
Also in north London is the Parkland Walk, another good spot for a hike or a run through the woods along an old railway line. It’s pretty during the spring when tall cow parsley grows along the path. A 2.5-mile walk east gets you to Finsbury Park, and close to the Faltering Fullback pub, a rambling place with live music twice a week (check its website for details).

The Parkland Walk follows the course of the old railway that ran between Finsbury Park and Alexandra Palace in north London.
Sam Mellish | In Pictures | Getty Images

The Parkland Walk makes up a section of the Capital Ring, a 78-mile signposted hiking route that circumnavigates London — through suburbs, along canals, via green spaces and even past a palace. It’s divided into 15 sections, all accessible via the London Underground and detailed on a free app.

East London

The Queen Elizabeth Olympic Park, built to host the 2012 Summer Olympic Games, is in the east London area of Stratford (as well as Section 14 of the Capital Ring route). The area is a good example of London’s blend of old and new, urban and natural, with a giant shopping mall, called Westfield Stratford City, alongside the River Lea. Victorian terraced houses are but a short distance from modern, high-rise apartments.
The main Olympics stadium, known as London Stadium, is now home to soccer team West Ham United. It also hosts concerts and other sporting events including Major League Baseball. You can cycle in the former Olympic Velodrome or on a BMX track, or head to the ArcelorMittal Orbit, a curious-looking twisted red metal sculpture that doubles as a tunnel slide.

Columbia Road in east London has been home to a market since 1869, when philanthropist Angela Burdett-Coutts started a food market. Now, flowers and plants are sold on the street on Sundays.
Isabel Infantes | Afp | Getty Images

One of my favorite things to do in east London is eat. Shoreditch — a central area just north of the City – is packed with great restaurants, from popular Indian chain Dishoom (reserve a table for lunch, or get there early for dinner and wait in line) to unfussy fine dining places like Lyle’s, which uses British meat, fish and vegetables.
Rochelle Canteen is an unpretentious place in a former bike shed where good produce is the star. It also has a walled garden, making it a good respite from the busy city streets.
Also in the area is Columbia Road Flower Market, open on Sundays from 8 a.m. Londoners head there to stock up on cut flowers and house plants. You might get a bargain during the final couple of hours (around 1 p.m. to 3 p.m.), and there are plenty of independent jewelry, homeware and gift stores along the street too.

South London

There’s a bit of friendly competition between north and south Londoners, who each claim their area is best and joke about the hardship of having to travel to the opposite side of the River Thames.
While north London has Hampstead Heath, south of the river is Richmond Park, which dwarfs its northern counterpart in size. Plus, the park is in the county of Surrey, so it isn’t technically in London.
Still, you could easily spend a day spotting deer in its fields and exploring the beautiful garden toward its southern tip, the Isabella Plantation. For views across the Thames, head toward Pembroke Lodge in the west of the park, and on a weekend you’ll see Lycra-clad cyclists whizzing through the park and at its cafes.

There are more than 600 red and fallow deer in Richmond Park, which has been home to the animals since the 17th century.
Ray Wise | Moment | Getty Images

If you’re looking for something traditionally English, try Petersham Nurseries Cafe, just outside Richmond Park. It has a Garden Afternoon Tea on Fridays and weekends (reservations are essential) that includes dainty sandwiches and mini savory tarts followed by sweet treats, such as buttermilk scones and plum cheesecake. It also accepts walk-ins for brunch or lunch every day except Monday, when it’s closed.
There’s also a branch in central London’s Covent Garden — the flower-filled restaurant The Petersham — that has an sit-down deli and bar.

West London

In west London, I recommend checking out Notting Hill’s street market and restaurants. Portobello Road Market is open every day and sells food, vintage fashion and antiques. A good day to go is Friday, when most of the stalls and areas are open and it’s less busy than Saturday, when locals head there.
French bistro Buvette, on Blenheim Crescent, is a good all-day food option — an outpost of the Manhattan original by chef Jody Williams. For a luxe movie experience try the Electric Cinema on Portobello Road, a restored Edwardian picture house with a classic diner next door.

The residential Trellick Tower, as seen from Golborne Road in west London, was built in the 1970s and is a “listed” building, meaning it has protected status because of its architectural significance.
Jack Taylor | Getty Images News | Getty Images

Portobello Road meets Golborne Road at its northern end, a quieter and less touristy street where you’ll find traditional Portuguese pastel de nata custard tarts at Lisboa Patisserie. If you look up you’ll see Trellick Tower, a residential block designed in the Brutalist architectural style by Erno Goldfinger.
Close to the base of the tower is Rellik, a hip vintage fashion store selling clothes from the likes of Alexander McQueen, Vivienne Westwood and Issey Miyake.
Just beyond Rellik is a small grassy area that backs onto the Regent’s Canal, a waterway you can walk along to reach Little Venice. Further east toward Paddington Basin, there is a redeveloped area with waterside bars and restaurants, in yet another example of London’s eclectic blend of old and new.
Correction: This story was updated to reflect the correct spelling of the Indian city of Kochi. More

Boeing delivered 38 jetliners in January and netted orders for 16 planes.
The manufacturer has been hesitant to ramp up production before stabilizing its supply chain.
The report reflects the month before Air India formalized an order for close to 500 planes from Boeing and its chief rival, Airbus.

A Boeing 737 MAX 10 airliner pauses while taxiing on the flight line before its first flight at Renton Municipal Airport on June 18, 2021 in Renton, Washington.
Stephen Brashear | Getty Images

Boeing’s aircraft orders and deliveries slipped in January from a month earlier.
Boeing delivered 38 jetliners last month, 35 of them its bestselling 737 Max planes, down from a total of 69 planes in December. The delivery count was still was higher than the 32 planes Boeing handed over to customers in January 2022.

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The figures don’t include a massive order from Air India for nearly 500 new planes from the manufacturer and its chief rival, Airbus, which was formalized earlier Tuesday.
Air India ordered at least 220 Boeing planes and 250 Airbus planes, making the combined sale the biggest aircraft order ever as airlines prepare for a further recovery in air travel as Covid pandemic travel concerns wane.

Last month, Boeing said it planned to ramp up output of its 737 Max to 50 planes a month in 2025 or 2026, though it’s been cautious about increases beyond the current pace of 31 per month because of instability in the supply chain.
The company logged 55 gross orders in January, netting orders for 16 new planes after 39 cancellations.
Boeing’s CFO, Brian West, will brief analysts and investors during a Cowen industry conference on Wednesday morning.

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State of Freight

Leading retail trade associations and their member companies are closely watching the rising tensions between the U.S. China over the alleged spy balloons and see it as another reason to diversify manufacturing.
Tariffs imposed by Biden and Trump, as well as the “Zero Covid” policy in China, were already spurring a migration away from China manufacturing and to countries including Vietnam and the Philippines.
The revised NAFTA agreement known as UMCSA is also leading to new opportunities to reshore in the U.S., Canada and Mexico.

The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. 
Randall Hill | Reuters

The tensions between the U.S. and China over alleged spy balloons shot down over North America have some of the top trade associations representing companies reliant on Chinese manufacturing to urge their members to diversify their supply chains.
The National Retail Federation, the American Footwear and Apparel Association, and the Council of Supply Chain Management Professionals tell CNBC that the rising tensions with China due to the spy balloons have resulted in new concerns from their member companies, already dealing in recent years with tariffs imposed by President Donald Trump and President Joe Biden, and Covid shutdowns under the “Zero Covid” policy.

“The ongoing tensions with the U.S.-China trade relationship continue to highlight the need for supply chain diversification,” said Jon Gold, vice president of supply chain and customs policy of the National Retail Federation. “From the tariffs to Covid-19 to additional challenges, retailers are looking for opportunities to diversify their sourcing to ensure they have resilient supply chains to meet consumer needs.”
Mark Baxa, president and CEO of the Council of Supply Chain Management Professionals, told CNBC that the trade group’s members have been pursuing redundancies in their supply chain since the start of tariffs as a way to offset the risk of ongoing trade policy tensions.
The latest data shows a significant move of manufacturing to countries including Vietnam and the Philippines. Many companies are also leaning into the revised NAFTA agreement, UMSCA, as a way to bring more manufacturting back to North America.
“We’ve seen an accelerated pace where members are seeking capacity within the context of the benefits the USMCA agreement offers,” Baxa said. “Supply chain leaders are seeking lower risk and a better means to serve the U.S. by looking and moving to Canada and Mexico. Other reshoring actions we are seeing others taking are alternative countries like the EU, Vietnam, South Korea, and India. Some are bringing the work right here to the U.S.”
These moves are not made lightly, Baxa said, with a number of key criteria on the list of what supply chain managers review when evaluating a manufacturing geography change. The availability of technology and a capable workforce, infrastructure, reliability, and quality are the top “must-haves,” he said.

Steve Lamar, CEO of the American Apparel and Footwear Association, said the bar to leave China is high because the country remains an important trade partner for a variety of reasons, ranging from access to materials and products to skill sets. While the new tensions reinforce the reasons to consider diversifying the supply chain, he doesn’t think they will make the migration occur any more rapidly.
“I don’t think the events over the last week accelerate trends, which have been underway for some time and are only moving as fast as policies, skill sets, capabilities, materials, etc., will allow them,” Lamar said. “Rather, they perhaps put an exclamation point on them, reminding folks of the geopolitical tensions that are already self-evident.”
The biggest example of all when it comes to China manufacturing risk is the market’s largest company, Apple, which in recent years has begun to move some manufacturing, including to India. But the “stumbling blocks” that can result from these efforts has become evident in quality problems with Apple’s initial India-based manufacturing, according to a new report from the FT.
Another reason for the reluctance to move out of China is direct consumer access.
“Selling into the Chinese market requires a certain amount of local presence,” Lamar said.
The ongoing challenge amid multiple crises, Gold said, is time.
“It takes time to diversify your supply chain,” he said. “You need to make sure the new vendors can meet all the retailer’s requirements and any testing required by law, as well as ensure that the right workforce and logistics exist to meet those needs.” More

U.S. egg prices jumped by two to three times in January.
Fatih Aktas | Anadolu Agency | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
U.S. inflation is starting to bite again. But stocks mostly shrugged it off.

What you need to know today

January’s U.S. consumer price index rose 0.5%, higher than the 0.4% forecast by economists. On a year-over-year basis, prices increased 6.4%, compared with the expected 6.2%. Egg prices were still sky-high.

U.S. stocks closed Tuesday mixed. The Dow Jones Industrial Average and the S&P 500 edged lower, while the Nasdaq Composite rose. After a positive trading day, Asia-Pacific shares mostly ended lower, with only China’s Shanghai Composite and Shenzhen Component remaining in the green.

Yields of U.S. Treasurys climbed after a hotter-than-expected inflation report. The 6-month Treasury, notably, surged to close at 5.022%, its highest yield since July 2007.

PRO U.S. Treasury yields are popping again. The 10-year Treasury’s yield hit a five-week high this week, while the 2-year has risen 0.41 percentage points in February alone. This is how pros would play the market.

The bottom line

January’s hotter-than-expected CPI report cast a shadow over U.S. markets yesterday.
Prices in the U.S. last month increased faster than economists had anticipated; they were pushed up by higher food, energy and housing costs. Yet even the core CPI — which strips out the more volatile food and energy prices — saw a monthly bump of 0.4% and a year-over-year jump of 5.6%. Both exceeded respective estimates of 0.3% and 5.5%.  
Is the disinflationary process — in the words of Federal Reserve Chair Jerome Powell — still in play in the U.S.? January’s core CPI of 5.6% is a tiny notch lower than December’s 5.7%, which means that prices are still tapering off. But just barely.
U.S. markets reacted accordingly. Treasury yields rose, suggesting that investors are pricing in higher interest rate hikes by the Fed. Stocks fell. The Dow slipped 0.46% and the S&P dipped 0.03%. However, the Nasdaq, traditionally the most interest rate-sensitive index, closed 0.57% higher, buoyed by a 7.51% surge in Tesla and a 5.43% jump in Nvidia.
Though stocks mostly fell, they were remarkably resilient. A team at JPMorgan had forecast that the S&P would sink between 0.75% to 1.5% should yearly CPI come in at 6.4%. The actual drop in the index: only 0.03%.

The strange disconnect between bond markets and stock markets continues. Investors might be optimistic that consumer spending will remain strong even amid rising prices — as Coca Cola’s earnings report indicated — hence allowing the economy to keep growing. As for that theory, Wednesday’s U.S. retail sales report will put it to the test.
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