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

Switch EV Trainer Provides Tailored EV Tech Training

The Switch EV Trainer includes all of the components of a modern EV drivetrain on a compact, insulated, mobile platform.

Switch Vehicles, Inc. is introducing the Switch EV Trainer EV training platform, available now. The Switch EV Trainer offers hands-on activities and troubleshooting challenges for students to learn the fundamentals of electricity, how to identify electric vehicle components, how to properly wire components, how to safely work with high-voltage electricity and more.

Elywhere Launches in North America

Elywhere chargers can be configured to support power in the 1 MW range, providing solutions for electric fleets.

Karma Automotive Launches All-Electric Sedan

The Gyesera introduction comes on the heels of the November 2023 debut of the Karma Kaveya Super Coupe.

ChargeLab Study Reveals EV Consumers’ Charging Preferences

While 86% of EV drivers can charge at home, over half still rely on public chargers, according to the survey.

Eaton Adds Software to Optimize At-Home EV Charging

Eaton’s Charging Network Manager software can monitor charging station energy usage in real-time and reallocate power as needed.

Other Posts

USPS to Buy Six Canoo EVs

The Postal Service will take delivery of six right-hand drive versions of Lifestyle Delivery Vehicle 190 in Q1 2024.

CITGO Enters EV Space with Pilot Program Launch

The CITGO location on 11 Mile Road in Michigan now offers both regular transportation fuel and EV charging stations.

Stellantis Increasing Production of Electric Drive Modules

The company will add EDM production in Szentgotthard, Hungary, targeted to begin in late 2026.

GM, Honda Begin Volume Production of Fuel Cell Systems

GM and Honda will produce fuel cells that will be two-thirds less expensive compared to Honda’s 2019 Clarity fuel cell.