| | | | | | | Presented By Deloitte | | | | Axios What's Next | | By Jennifer A. Kingson, Joann Muller and Erica Pandey ·Feb 24, 2022 | | You don't have to work from home. You can travel the world! There's even a term for it: workcation. - Worth noting: Our politics and breaking news teams are closely following the Ukraine-Russia crisis. You can catch up on their coverage here.
- You're invited: Join What's Next's own Erica Pandey today at 12:30 p.m. ET for a virtual event on the future of the workforce for the next generation. Guests include Chipotle's Marissa Andrada and LinkedIn's Karin Kimbrough. Register here.
Today's Smart Brevity count: 1,073 words ... 4 minutes. | | | | | | 1 big thing: Biden's master plan for EV charging |  | | | Illustration: Aïda Amer/Axios | | | | The Biden administration's $5 billion electric vehicle charging plan — while far short of what's needed — is a psychological play meant to ease Americans' anxiety about driving an EV, experts say. Why it matters: EV owners drive less than 40 miles a day, on average, and most charge their vehicles at home or at work. But by strategically placing fast-chargers along desolate stretches of interstate highways, the government aims to reassure consumers they'll never be stranded. It's a classic chicken-and-egg problem. Consumers won't buy EVs until they're confident they can always find a charger. But most companies won't invest in charging infrastructure until there are enough users to make it profitable. The big picture: By 2025, 25% of all new vehicles sold in the U.S. will be fully electric or plug-in hybrids, according to the latest forecast from Boston Consulting Group. Including those already on the roads, there will be about 10 million plug-in cars in the U.S. - That means the U.S. will need at least 1 million public chargers by 2025 — up from about 131,000 publicly available plugs today.
Yes, but: Not all chargers are the same. - 90% of them will be "slow" Level 2 chargers for apartment buildings or for topping off while at destinations like stores, libraries or churches.
- 10% will be "fast" chargers that can recharge an EV to 80% in just 20 minutes — about the time its takes to grab a snack and use the bathroom at a rest area.
The catch: Fast-chargers cost about $150,000 apiece — at least 1o times more than a Level 2 charger, per BCG. Enter the federal government, which decided that, instead of trying to install as many plugs as possible, it would foot the bill for about 33,000 fast-chargers — the more expensive ones that private companies are reluctant to invest in. - While this choice means the government is paying for fewer chargers, the commitment will help jump-start EV sales and likely spur additional private funding to fill out the rest of the network, BCG partner Nathan Niese tells Axios.
- Earlier this month the Biden administration laid out details for how states can apply for a share of the funds.
The bottom line: Range anxiety is less of a worry than it used to be because most EVs now have a driving range of at least 250 to 300 miles. - Even so, "this will give people confidence to use EVs like we use gas vehicles," says Bonnie Datta, founder of Plug To Grid Strategies, an advisory firm. "Access to charging infrastructure is really the biggest hurdle now."
Share this story |     | | | | | | 2. More EV plugs coming to cities |  | | | Illustration: Annelise Capossela/Axios | | | | Revel, a New York-based company best known for its bright blue electric moped rentals, has raised $126 million to expand its network of EV fast-charging stations in New York and other cities. Why it matters: The Biden administration is funding fast-chargers for interstate highways, but cities also need fast-charging stations for electric ride-hailing services and other fleets. What they're saying: "Urban charging infrastructure is the missing piece that's kept millions of drivers from making the switch to EVs, and with this funding Revel will be able to build it in cities across the country," CEO and co-founder Frank Reig said in a statement. Stay of play: Revel opened its first charging "Superhub" in New York last June, when it launched an EV ride-hailing service in Manhattan. - The 25 fast-charging plugs are open to the public 24/7 and accessible to any brand of EV.
Details: The Series B funding was led by BlackRock, Axios' Kia Kokalitcheva reports. - Toyota Ventures, Goodyear Ventures, Shell Ventures, Broadscale Group, Obsidian Ventures, the St Baker Energy Innovation Fund and Knighthead Capital Management also participated in the round.
| | | | | | | | 3. Doctor on Main Street |  | | | Illustration: Shoshana Gordon/Axios | | | | Retailers, battered by the pandemic, are shutting their doors — and doctors and dentists are filling those vacancies on Main Street, Erica writes. By the numbers: Some 20% of leased medical facilities are in retail buildings, up from 16% in 2020, the New York Times reports, citing CoStar data. - Landlords love health care tenants, who are taking spots in prime retail locations and typically sign longer-term leases.
- And the pandemic and COVID testing have shown consumers the convenience of having an urgent care center right down the block.
"As the landlord thinks about what will happen if we ever go through a crisis again, they want things that won't close — grocery stores, pharmacies and medical facilities," Barrie Scardina, a retail expert for Cushman & Wakefield, told the Times. What to watch: The rise of medical tenants is a bright spot for struggling central business districts, but they alone won't be able to fill all the space left behind by shops and restaurants that closed down over the last two years. | | | | | | | | A message from Deloitte | | Mental health apps offer unique potential | | |  | | | | Deloitte Global predicts the popularity of mental health apps could increase by about 20% this year. Why it's important: These apps make mental health support more accessible and are more resistant to disruption than traditional therapies. Explore the potential. | | | | | | 4. Mailbox: Consequences of hot job growth |  Data: EIG; Chart: Axios Visuals Yesterday, we showed you the cities leading the post-pandemic jobs recovery (see above). Well, it turns out hot job growth means more expensive housing, writes What's Next reader Jim Neal, who's trying to move to Phoenix: "We've been tracking homes for sale in the area for over a year now, have read plenty of pieces explaining why people are coming to Phoenix, including that the home prices there are still below what people are paying in California. In any event, while I'm retired and my wife is able to work from home ... I do worry that too many people will read about 'hot' job markets, make the move and find out the hard way they really didn't improve their lives all that much." The bottom line: The New York Times puts it well ... "The next affordable city is already too expensive." | | | | | | | | 5. 1 🏖️ thing: Workcationing around the world |  | | | Illustration: Sarah Grillo/Axios | | | | Remote work doesn't just mean work-from-home — it means work-from-anywhere. And many people are doing just that, Erica writes. Case in point: Shopify has a pandemic-era program called Destination90 that lets full-time employees work from pretty much anywhere in the world for 90 days, Morning Brew's Sidekick newsletter reports. - Shopify curates the best technology options and provides workers with customized tools to stay connected.
- Once managers sign off on a location being safe and a reasonable place to get work done, employees can fly away.
- Countries chosen include Brazil, Finland, France, Germany, Mexico, Spain, Turkey and Uruguay, Sidekick notes.
What to watch: Teleworking while seeing the world is a top-tier work benefit, but it's important to remember that workcationing isn't vacationing. - Experts fear that the ability to travel while working might further erode the divide between work and life — leading to more burnout.
| | | | | | | | A message from Deloitte | | The future of smartwatches and wearable medical tech | | |  | | | | Smartwatches and wearable medical devices that make monitoring health simple and accessible are surging in popularity. Deloitte Global predicts that 320 million will ship worldwide this year. Okay, but: There are doubts over the accuracy and security of these devices. Here's the bottom line. | | | | Was this email forwarded to you? Get your daily dose of What's Next magic by signing up for our free newsletter here. |  | Bring the strength of Smart Brevity® to your team — more effective communications, powered by Axios HQ. | | | | | | Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here.
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