Electric vehicles currently only represent about 6% of new vehicle sales in the US, but a huge industrial shift toward battery projects suggests that the figure could skyrocket in the coming years. Tesla’s market dominance has other automakers making major investments into automotive batteries, and it’s hard to keep track of the new EV battery projects set to begin in the next few years.
New research from think tank Atlas Public Policy shows over $128 billion in announced US investments in EVs, battery plants, and battery recycling projects in recent years, as detailed in a report from NPR. In 2022 alone, the data shows over $73 billion in planned projects, representing three times as much funding as in 2021.
Several automakers are debuting EV-related projects in the US, including legacy names like Ford, General Motors, and German powerhouse Volkswagen, to name a few. These projects will require tons of EV batteries in the next few years, also representing a huge market that automakers and suppliers alike are keen to jump on.
