"In 2023, North America was the fastest-growing battery manufacturing region in the world, moving rapidly to decouple from China's dominant supply chains. The Inflation Reduction Act production credits gave rise to the so-called battery belt, with more than two dozen domestic battery plants promising tens of thousands of high-paying jobs, mostly in red and purple states from Georgia to Indiana."
"But as analysts expect EV sales to slow down in the coming months, in addition to the Trump administration's rollback of the consumer tax credits for EVs, this once-booming battery belt is staring down its most uncertain chapter yet. Welcome to the Friday edition of Critical Materials, your daily round-up of news and events shaping the world of electric cars and technology."
North America became the fastest-growing battery manufacturing region in 2023, rapidly decoupling from China's dominant supply chains. Inflation Reduction Act production credits spurred a domestic battery belt with more than two dozen plants promising tens of thousands of high-paying jobs across states from Georgia to Indiana. Major projects include Toyota's $14 billion North Carolina plant, Panasonic's $4 billion Kansas facility, and GM and LG Energy Solution joint ventures in Tennessee and Michigan valued at over $2 billion each. Roughly 20 similar projects are under construction or recently completed to supply EV batteries. Slowing EV sales and the rollback of federal consumer tax credits have created significant uncertainty for these investments.
Read at insideevs.com
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