By the close of 2023, the cumulative investment in North America’s battery and electric vehicle (EV) supply chain had surpassed a quarter of a trillion dollars.
This surge in investment followed the enactment of the Bipartisan Infrastructure Law (BIL) on November 15, 2021, and the Inflation Reduction Act (IRA) on August 16, 2022.
Investment Breakdown by Manufacturing Product
Analysis of investment by manufacturing product reveals that cell production dominated, comprising roughly half of all investments by the end of 2023. This was followed by EV assembly (22%) and minerals (12%).
Notes:
- BIL: Bipartisan Infrastructure Law, enacted November 15, 2021.
- IRA: Inflation Reduction Act, enacted August 16, 2022.
- EVSE: Electric Vehicle Supply Equipment
- AAM: Anode active material
- CAM: Cathode active material