Source: EV Manufacturing Investments Dashboard
Last week, in partnership with the Natural Resources Defense Council (NRDC), Atlas Public Policy published a new data story that explores announced electric vehicle (EV) and battery manufacturing investments across the United States, Asia, Europe, and other regions of the world.
In this latest analysis, Atlas delved into the most recent press releases, company earnings reports, and public resources to provide insights into global investment in EV manufacturing. The report highlights how the investment landscape has evolved since our last report on this topic in January 2023.
The report outlines three main data stories:
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Globally, automakers and EV battery manufacturers have committed to investing $1.2 trillion in the EV transition, which marks an increase of $261 billion since January 2023. Of these commitments, nearly $312 billion are expected to be made in the United States—more than any other country. Europe is expected to receive $346 billion in investments, while China is set to gain nearly $243 billion. Despite some automakers adjusting their investment timelines, the United States continues to experience rapid growth in private sector EV manufacturing investment, bolstered by supportive policies like the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA).
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Of the $312 billion earmarked for U.S. EV and battery manufacturing, $223 billion has already been allocated to specific facilities or initiatives: $148 billion (66 percent) since the passage of IIJA and $103 billion (46 percent) since the passage of IRA. Companies are beginning to turn their commitments into tangible projects. In the United States, battery manufacturing accounts for $133 billion (59 percent) of the allocated investment. $70 billion (32 percent) is earmarked for EV manufacturing, and $21 billion (9 percent) is directed toward the production of components further down the supply chain, such as EV parts and critical minerals. While domestic automakers have been the largest contributors to U.S. investments, foreign companies are increasingly viewing the United States as a prime destination for their EV investments. In 2023 alone, companies announced $54 billion of investments in U.S. manufacturing facilities.
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Since the enactment of the IIJA and IRA, the federal government has awarded over $23 billion in loans and grants to support EV and battery manufacturing in the United States, excluding substantial manufacturing tax credits. A significant portion of this funding has been channeled through the Advanced Technology Vehicle Manufacturing Loan Program, which has so far awarded $19 billion across 16 manufacturing facilities. Additionally, battery manufacturing has received significant boosts from other federal investment programs, including nearly $2.5 billion awarded under the Battery Materials Processing and Battery Manufacturing Recycling grant programs.
The data in this report comes from Atlas’s new EV Manufacturing Investments Dashboard, which showcases private investments in the manufacturing of EVs, batteries, and charging stations globally. A full methodology of the data collection process is provided at the bottom of the dashboard.
Check out the full data story here, and read NRDC’s blog on the report’s findings here.
