FOTW #1351, July 15, 2024: North American Battery and EV Supply Chain Investment Grew to More than $250 Billion by the End of 2023

Cumulative battery and EV supply chain investment in North America grew to more than $250 billion by the end of 2023.

Vehicle Technologies Office

July 15, 2024
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Cumulative battery and EV supply chain investment in North America grew to more than $250 billion by the end of 2023. Investment in battery and EV supply chains increased rapidly after the passage of the Bipartisan Infrastructure Law (BIL) on November 15, 2021, and the Inflation Reduction Act (IRA) on August 16, 2022. Investment by manufacturing product shows that cell production accounted for about half of all investments by the end of 2023, followed by EV assembly (22%) and minerals (12%).

Cumulative North American Investment Classified by Manufacturing Product

Notes:

BIL - Bipartisan Infrastructure Law, November 15, 2021.

IRA - Inflation Reduction Act, August 16, 2022

EVSE – Electric Vehicle Supply Equipment

AAM – Anode active material

CAM- Cathode active material

Source: Argonne National Laboratory, Quantification of Commercially Planned Battery Component Supply in North America through 2035, March 2024, Figure 5.