Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 20 (Xinhua)-- the 2022 inflation reduction Act (IRA) and the bipartisan Infrastructure Act have collectively injected billions of dollars into the U.S. electric vehicle industry, encouraging localized battery production and charging infrastructure projects.

IRA provides incentives such as a tax credit of up to $7500 per new energy vehicle, and the United States has decided to allocate an additional $3.5 billion (CTOnews.com Note: about RMB 25.27 billion currently) as part of the infrastructure law to promote nationally localized manufacturing processes for advanced batteries and battery minerals.

"the money will be used to build, renovate and expand domestic production facilities for battery-grade treatment of key minerals, battery precursor materials, battery assemblies and battery and packaging manufacturing facilities," the US Department of Energy of Tuyuan Pixabay said this week.

There is no doubt that the United States wants to establish a local system of mineral refining and battery production to reduce its dependence on China and South America for the processing of key minerals such as lithium ion.

Chinese manufacturers currently control 75% of the world's lithium-ion batteries and process and refine more than 50% of the world's key materials such as lithium, cobalt and graphite, according to the International Energy Agency. In terms of lithium capacity, tatista data show that the US lags far behind Australia, China and the South American lithium triangle of Argentina, Chile and Bolivia, all of which are often rich in lithium resources.

The US government aims to achieve zero emissions by 2050 and plans to make electric vehicles account for half of all car sales by 2030. It also wants to build a homegrown supply chain, all of which requires billions of dollars of investment.

"putting the United States at the forefront and at the center to meet the growing demand for advanced batteries is a way for us to improve global competitiveness, maintain and create high-paying jobs, and strengthen the clean energy economy," said U.S. Energy Secretary Jennifer Granhom.

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