From 2000 to September 2024, private companies announced $208.8 billion in investments in U.S. electric vehicle (EV) and battery manufacturing. More than three-quarters of all investments are either under construction or operational as of October 2024. These investments are associated with more than 240,000 manufacturing jobs.
The report includes EV assembly, battery assembly, component manufacturing, critical mineral mining and processing, and EV charging equipment. In the past several years, China has dominated global manufacturing in each of these categories. But, bolstered by federal incentives, companies are increasingly maximizing on the opportunity to build out the American supply chain.
Federal benefits, principally tax credits, loan programs, and grant funding, have contributed to the onshoring of manufacturing facilities, motivating automakers to establish their EV and battery production in the United States. Since the passage of the Infrastructure Investment and Jobs Act in November 2021, the U.S. has seen $157.3 billion in private investment in domestic manufacturing, resulting in more than 163,000 announced manufacturing jobs. Private companies have accessed more than $28 billion in federal government grants and loans for the construction and development of EV and EV battery manufacturing facilities.
This report was published in partnership with the BlueGreen Alliance Foundation.
