Shulou(Shulou.com)12/24 Report--

CTOnews.com, November 23, according to data collected by EV Job Hub, the inflation reduction Act (IRA) passed by the United States has promoted the growth of investment in electric vehicle manufacturing. According to the information collected, 47% of the investment in electric vehicle manufacturing occurs after the passage of IRA.

As of November 17, 2023, U.S. investment in electric vehicles and battery manufacturing reached $173 billion (CTOnews.com Note: currently about 1.24 trillion yuan). These investments created 212000 jobs in the United States. In the 11 years before IRA was passed, the United States invested only $91 billion in electric vehicles and battery manufacturing. Since IRA came into effect 15 months ago, it has brought $82 billion in investment in electric cars and battery manufacturing in the United States.

Michigan and Georgia are the states that have been most successful in attracting companies to invest in local electric cars or battery manufacturing, with both states receiving more than $23 billion in private investment.

The most far-reaching impact of the inflation reduction Act is the $369 billion in clean energy investment. For example, the tax credit for the purchase of electric vehicles and photovoltaic equipment, the investment tax credit and subsidy for the clean energy manufacturing industry such as the establishment of electric vehicle battery factories, the investment subsidy for the clean energy industry chain (including raw materials), and the upgrading and renovation of power grid and other energy infrastructure, the $7500 tax credit for each electric vehicle that investors are very familiar with comes from the IRA.

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