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Information gathered by EV Job Hub revealed that the Inflation Discount Act (IRA) has boosted elective automobile (EV) manufacturing investments in the US. Based on the data gathered, 47% of EV manufacturing investments have occurred after the IRA was handed.
As of November 17, 2023, $173 billion investments in electrical automobile and battery manufacturing had been made in the US. The investments have generated 212,000 jobs within the US. Within the 11 years earlier than the IRA was handed, solely $91 billion was invested in EV and battery manufacturing. Because the IRA was enacted 15 months in the past, it has generated $82 billion investments in EV and battery manufacturing in the US.
Michigan and Georgia have been essentially the most profitable states at engaging corporations to speculate regionally in EV or battery manufacturing. Each states have introduced non-public investments estimated to be above $23 billion.
Michigan’s EV & Battery Investments
Ford has closely invested in Michigan on a battery plant with Chinese language provider Modern Amperex Expertise Co (CATL). Ford battery plant in Michigan just lately restarted development. The legacy automaker considerably reduce its investments in Michigan from $3.5 billion to $1.8 billion.
Ford isn’t the one automaker investing in Michigan. Final yr, Common Motors introduced a $7 billion plan to develop electrical automobile and EV elements manufacturing in Michigan. Moreover automakers, international battery suppliers are additionally investing in Michigan. In September, Samsung SDI introduced it will double its EV battery manufacturing in Michigan for a complete capital funding of $41 billion.
Georgia’s EV & Battery Investments
In the meantime, in Georgia, a $5 billion Rivian manufacturing plant is getting ready to begin development. The Atlanta-based manufacturing unit is anticipated to provide Rivian’s R2 next-generation platform.
“It’s a terrific day in Georgia as we shut and difficulty the bonds for the Rivian challenge. Renting the location to Rivian is the following step in delivering this generational alternative, and Georgians in Jasper, Morgan, Newton, and Walton counties,” famous the Georgia Division of Financial Growth (GDECD) and the Joint Growth Authority (JDA) of Jasper, Morgan, Newton and Walton counties.
Hyundai and SK On from South Korea have additionally invested in Georgia. In April, Hyundai and SK On introduced plans to provide 300,000 EVs in the US with help from its $5 billion 35 GWh battery facility in Bartow County. Hyundai can also be constructing a $7.6 billion EV manufacturing plant in Georgia.
Based on Atlas Public Coverage, 74% of the investments for EV and battery manufacturing are going to districts represented by Republicans in Congress. A major chunk of the investments, 42%, are going to deprived communities.
The Teslarati staff would recognize listening to from you. You probably have any ideas, contact me at maria@teslarati.com or by way of X @Writer_01001101.
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