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

Blink Charging Achieves ‘In Process’ FedRAMP Status

Once fully accredited, Blink’s EV charging network will be available to government agencies.

Blink Charging Co. announced it has achieved the “In Process” designation granted by the Federal Risk and Authorization Management Program (FedRAMP) for its EV charging solutions. Blink is presently listed as “In Process” in the FedRAMP Marketplace. Upon achievement of full accreditation for the Company’s EV charging network, the Blink Network, government agencies will be able to contract with Blink or the Company’s federal resellers for networked EV charging, the company said.

Volvo Cars Starts Production of Fully Electric EX90 SUV

The EX90 is based on its next-gen EV technology base, with a fully electric range of up to 372 miles.

Hitachi Astemo Developing Steer-by-Wire Technologies for EVs

The company is also creating a 360-degree-camera that provides LiDAR-like results for autonomous vehicles.

ABB E-mobility Releases the A400 All-in-One Charger

ABB E-mobility said it designed the A400 with the aim of achieving a 10-year product lifetime.

EVgo Names First Chief People Officer

Keith Hutchison brings over two decades of experience working in human resources within the energy and EV sectors.

Other Posts
EV Safety Basics on the Shop Floor – Part II

As long as you follow the EV guidelines, you are going to have to use the proper PPE and insulated tools.

EV Safety Basics on the Shop Floor – Part I

It’s critical to utilize OEM service information and procedures for each and every hybrid or EV.

NFPA Considers Standard to Mitigate Battery Hazards

The National Fire Protection Association is gauging whether support exists for the development of standards to address known hazards associated with batteries.

Zapp EV to Appoint Manufacturing Partner in India

Bounce Electric 1 Private Limited will be Zapp’s contract manufacturing partner for sales of the i300 in India.