Charging Ahead: U.S. EV Industry’s Explosive Growth

Notably, these investments have manifested not just in monetary terms but in job creation as well. The report highlights the creation of 179,300 new U.S. EV-related jobs within the past 8 years. Federal interventions targeting the onshoring of EV manufacturing supply chains have played an instrumental role in propelling these job announcements. An analysis of the data reveals a striking trend, with 47 percent of new EV job announcements since 2015 stemming from the last 12 months following the IRA’s enactment, and an impressive 72 percent attributed to the 21 months since the Bipartisan Infrastructure Law’s passage.

Furthermore, the report underscores the profound impact these investments have had on various states. A mere ten states have contributed a staggering 88 percent of announced EV manufacturing investments. Leading the charge, Georgia boasts over $31 billion in investments, paving the way for an impressive 36,600 jobs. Michigan and Tennessee follow closely with $19 billion and $18 billion in investments, ushering in a combined 20,000 new jobs across both states.

With an eye on production capacity, the report projects that by 2026, U.S. EV manufacturing facilities will have the potential to roll out approximately 4.7 million new passenger vehicles annually, accounting for an impressive 36 percent of new vehicles sold in 2022. The following year, U.S. battery manufacturing facilities are poised to supply batteries to meet the demands of 12.2 million new passenger vehicles, representing an astounding 95 percent of new vehicles sold in 2022.

The report concludes by suggesting that the robust investments, job creation, and production capacity expansion witnessed thus far are only the tip of the iceberg. Global EV and battery manufacturers have expressed their commitment to substantial investments over the next decade to support the worldwide EV transition. Presently, the United States stands as a magnet for EV ecosphere manufacturing facilities, a testament to the allure created by the Innovative Renewable Act.

As the EV industry accelerates, this report firmly establishes the United States as a key player in driving the green revolution forward, with unparalleled investments, job creation, and production capacity that will indubitably redefine the automotive landscape.

Source: U.S. Electric Vehicle Manufacturing Investments and Jobs | EDF