Data compiled by EV Job Hub reveals a noteworthy surge in electric vehicle (EV) manufacturing investments in the United States, propelled by the Inflation Reduction Act (IRA). According to the gathered information, 47% of the total EV manufacturing investments have materialized post the enactment of the IRA.
As of November 17, 2023, the accumulated investments in electric vehicle and battery manufacturing in the United States have reached $173 billion, fostering the creation of 212,000 jobs. In the 11-year period preceding the IRA, only $91 billion was directed towards EV and battery manufacturing. Since the enactment of the IRA 15 months ago, an impressive $82 billion has been invested in the sector.
Michigan and Georgia emerge as the leading states in attracting local investments in EV and battery manufacturing. Both states have secured private investments exceeding $23 billion.
Michigan has experienced substantial investments, particularly from Ford, collaborating with Chinese supplier Contemporary Amperex Technology Co (CATL) on a battery plant. Ford’s Michigan battery plant recently resumed construction, with a notable reduction in initial investments from $3.5 billion to $1.8 billion. General Motors, too, unveiled a $7 billion plan to expand electric vehicle and EV parts manufacturing in the state. Additionally, foreign battery suppliers, including Samsung SDI, have announced significant investments in Michigan, with Samsung SDI planning to double its EV battery production with a total capital investment of $41 billion.
Georgia is witnessing the emergence of a $5 billion Rivian manufacturing plant, set to commence construction and produce Rivian’s R2 next-generation platform. Hyundai and SK On from South Korea have also entered the Georgia market, with plans to produce 300,000 EVs supported by a $5 billion 35 GWh battery facility in Bartow County. Hyundai is concurrently establishing a $7.6 billion EV manufacturing plant in Georgia.
According to Atlas Public Policy, 74% of the investments in EV and battery manufacturing are directed to districts represented by Republicans in Congress. Furthermore, a significant portion of the investments, totaling 42%, is earmarked for disadvantaged communities.
