How US EV investments have rocketed in a year – in numbers

Manufacturers have invested billions in US EV and EV battery factories in the last year – here’s how it breaks down.

US EV investments

The passage of the Inflation Reduction Act (IRA) in August 2022 has served as a catalyst for rapid EV-related investment and job growth, and a newly released report from the Environmental Defense Fund (EDF) and engineering and design firm WSP USA breaks it down.

Since President Joe Biden signed the IRA into law, manufacturers have made more than $92.4 billion of concrete investments in EV and EV battery factories in the US.

And in the same timeframe, more than 80,000 new direct US EV-related jobs have been announced. Some of these new jobs are for facilities that are already operating, and others are based on company announcements and are in the pipeline.

EDF researchers also noted rapid growth in US production capacity over the last six months. By 2026, US EV manufacturing facilities will be able to make about 4.7 million new passenger EVs annually – that represents 36% of all new vehicles sold last year. And by 2027, US facilities alone will be able to produce enough batteries to supply 12.2 million new passenger EVs each year, which represents 95% of new vehicles sold last year.

Where the EV factories are in the US

Just 10 states account for 88% of investments – and interestingly, a number of states in the top 10 are Republican-controlled (no Republicans voted in support of the IRA). The top 3 are:

• Georgia, with $31.5 billion in EV investments and 33,600 jobs
• Michigan, with $18.9 billion in investment and 19,700 jobs
• Tennessee, with $18.4 billion in investments and 20,500 jobs

The next four states have more than $10 billion each in announced investments: South Carolina, Nevada, Kentucky, and North Carolina. Each now has between 10,000 and 20,000 announced new jobs.

Ohio, Arizona, and Indiana round out the top 10 states with more than $9 billion in announced investments each. Arizona’s announced investments increased by 260% from March – from $3.7 billion to $9.7 billion.

You can check out the report here.

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