According to a recent report by the Environmental Defense Fund and WSP USA, the IRA and other national measures have stimulated already booming investments in EV production facilities as well as batteries used in powering them in the United States. Investment totaling more than $120 billion and 143,000 newly created jobs in the manufacturing industry in the United States have indeed been reported during the past eight years. More than 40 % of the announcements have occurred in the past six months, after the Inflation Reduction Act’s adoption.
According to Peter Zalzal, a vehicle manufacturing renaissance in America has begun in slightly over a year, thanks to unprecedented investments made in the Bipartisan Infrastructure and IRA Acts. The analysis demonstrates how the American states are competing for the best investment as well as the jobs related to the production of electric cars, across Michigan to Nevada to Georgia.
These previously mentioned manufacturing facilities in the United States will be capable of producing an estimated 4.3 million new electric vehicles and passenger trucks annually in the year 2026. For contrast, that is around one-third of total new car sales in the United States in 2016.
The research reveals significantly higher investment levels in American battery production. The previously announced facilities in the United States will be capable of producing sufficient batteries by the year 2026 to provide more than 11,000,000 additional zero-emission passenger vehicles annually, or more than 80% of all new cars produced in the past one year.
The huge investment sparked by the latest federal policies, such as the IRA, will directly facilitate jobs throughout the American states. Out of the investments announced, 86% are focused in only 10 American states, with more than $10 billion worth of investment being made in each of these five states — Michigan, Georgia, Tennessee, Kentucky and Nevada — alone in order to support the creation of 10,000 new jobs or more in each of the aforementioned states, as well as in North and South Carolina.
The analysis also determined that investment, manufacturing capability and availability of jobs in the EV industry will likely spur further growth as a result of anticipated government initiatives in the future, such as national vehicle emissions requirements for vehicles and passenger trucks. Concerning heavy-duty and medium vehicles, such as buses and cargo trucks, the EPA is also anticipated to shortly put forward emission regulations based on performance.
According to Zalzal, the EPA has a crucial chance of establishing future national pollution regulations for heavy-duty, medium and light vehicles, which must reflect and expand upon these significant investments in order to minimize pollution that harms the environment and human health, save customers money and support excellent jobs.
With companies such as Workhorse Group Inc. (NASDAQ: WKHS) continuing to pour money into their EV programs, a lot more jobs and different vehicle models are going to be available over the coming years.
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