Stimulus Investments Pump Up EV Industry Growth

The DOE Recovery Act investments in the country's emerging EV industry have generated growth in a variety of areas: jobs, manufacturing plants and product lines, charging stations and battery production, according to a report just issued by the Energy Department. The report, Recovery Act Investments: Transforming America's Transportation Sector, says the grants also are helping cut the costs associated with EVs and greatly expanding the industry overall. Highlights of the report include:

·         EV battery and component manufacturers received a total of $2.4 billion and matched their grants at a minimum of dollar for dollar.

·         The U.S. will be able to produce 20% of the world's EV batteries in two years and 40% within five years, a substantial jump from the 2% share the country was producing before the grants were awarded.

·         All of the nine new battery manufacturing plants that received funding will have started construction as of Thursday, with four of those expected to be producing by the end of the year. A total of 21 other plants will make battery components or other EV parts.

·         Before the grants were awarded, a 100-mile range battery would have cost $33,000, but high-volume domestic manufacturing could knock that price down to $16,000 in three years and $10,000 in five years.

·         There were fewer than 500 EV charging stations in the U.S. before the Recovery Act. That number is expected to grow to 20,000 in two years.

 

Quick Take: While investments in the EV industry have been substantial, the numbers cited show an impressive rate of growth across the board: in manufacturing, deployment and R&D.

 

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