Report: U.S. EV Investments Rapidly Increasing

Report: U.S. EV Investments Rapidly Increasing

Electric vehicle and battery manufacturing grew by a reported $92.3 billion over the past 12 months.

Electric vehicle (EV) and battery manufacturing grew by a reported $92.3 billion over the past 12 months, according to a new report released by the Environmental Defense Fund and WSP, an engineering, environment and professional services consultancy.

The report highlights that, since the passage of the Inflation Reduction Act on Aug. 16, 2022, investment has sharply increased for manufacturing EVs, EV batteries and components, and battery recycling infrastructure.

“The Inflation Reduction Act includes extensive EV infrastructure funding investments,” said Dana Lowell, national zero emissions technical advisor at WSP. “Alongside the Bipartisan Infrastructure Law, these strategic investments in the EV ecosphere and manufacturing have set the stage for creation of economic zones and micro hubs that equate to job creation, commerce development, and key technology and manufacturing advancements. The Federal investments and incentives are benefiting the communities where new investments are being made and are helping shape our future economy.”

“U.S. investments, jobs, and production capacity will likely continue to grow in response to strong federal investments and incentives,” according to the report summary:

  • Over the past eight years, manufacturers have announced more than $165 billion in investments in EV and EV battery manufacturing facilities, with 56 percent of that amount reported during the past 12 months.
  • Manufacturers have announced more than 179,000 new direct U.S. EV-related jobs between 2015-2023, almost half of which were announced in the last year.
  • Anticipated investments are expected to create more than 800,000 additional jobs.
    Additional highlights showed rapid growth in nationwide production capacity since March:
  • By 2026, U.S. EV manufacturing facilities will be able to make about 4.7 million passenger vehicles annually, representing 36 percent of all new vehicles sold last year.
  • By 2027, U.S. facilities will produce enough batteries to supply 12.2 million new passenger vehicles each year, which represents 95 percent of new vehicles sold last year.

You May Also Like

Cummins, Daimler Truck and PACCAR Form Joint Venture

The completed joint venture is now known as Amplify Cell Technologies.

Accelera by Cummins, Daimler Trucks & Buses and PACCAR completed the formation of their joint venture, now known as Amplify Cell Technologies. Along with advancing zero-emissions technology for electric commercial vehicles and industrial applications, the collaboration will localize battery cell production and the battery supply chain in the United States, according to the companies.

GreenPower Launches EV Star Utility Truck

The EV Star Utility Truck is purpose-built and fully customizable to fit a range of vocational applications and utility use cases.

GreenPower-Launches-EV-Star-Utility-Truck
Automotive, Mining Sectors Meet for Battery EV Conference

The 2024 BEV In-Depth conference explored the EV battery supply chain and zero-emission vehicle advancements.

Automotive-Mining-Sectors-Meet-for-Battery-EV-Conference
Highland Named One Of TIME’s Most Influential Companies

Highland was recognized in the category of Pioneers.

Highland Named One Of TIME's Most Influential Companies
Modine Helps Fortify Zero-Emission Bus Fleet in Wisconsin

Racine transit system zero-emission buses are equipped with Modine EVantage to increase longevity and range.

Other Posts

Mullen Announces Development of Mobile EV Charging Truck

New PowerUP mobile charging system provides increased versatility and 100% zero emissions power generation capable of delivering on demand, mobile DC fast-charging.

Mullen-Announces-Development-of-Mobile-EV-Charging-Truck
Hansen Motorsport, SKF Align for 2024 World RX Season

The Scandinavian Touring Car Championship will premiere the world’s first 100% electric national touring car championship June 8-9, in Gothenburg, Sweden.

Hansen-Motorsport-SKF-Align-for-2024-World-RX-Season-1
Mullen Announces Sale of 50 Bollinger EV Trucks

EnviroCharge will install its mobile clean-propane-powered charging system on the Bollinger B4 chassis cab, an all-new, all-electric Class 4 commercial truck.

Four Seasons Expands Line of Reman Compressors

Four Seasons released six new part numbers for compressors for hybrid and electric vehicle applications.

Four Seasons Expands Line of Reman Compressors