Vontier Corp. (VNT, Financial) CEO Mark Morelli warns that federal funding cuts under the Trump administration could slow the growth of electric vehicle (EV) charging stations across the U.S. The suspension of funding programs may result in only 200,000 fast chargers by 2030, significantly lower than the previously anticipated 400,000 units.

The U.S. Department of Transportation’s Federal Highway Administration announced a halt in approving grants under the “National Electric Vehicle Infrastructure” program, initially established by the Biden administration’s bipartisan infrastructure law with a $5 billion budget to install EV chargers nationwide over five years.

Morelli emphasized that while the trend towards electrification continues, its growth may not meet previous expectations without this funding. Despite potential slowdowns, electrification will progress, with the current 60,000 chargers in the U.S. expected to increase.

Some automakers stress the importance of a robust charging network for EV adoption, while retailers are installing chargers to attract customers.