The world is transitioning to electric vehicles. There are now around 40 million EVs on roads around the world. U.S. auto manufacturers sell cars and trucks globally. In order to remain internationally competitive, they need to manufacture electric vehicles. Nearly every major auto manufacturer has committed to electrifying part or all of their fleet in the next decade or so.
China invested earlier than the U.S. in the EV transition, but thanks to federal investments through the Bipartisan Infrastructure Law (BIL) and the Inflation Reduction Act (IRA), the U.S. is catching up. These laws invest billions of dollars in building and scaling domestic EV and battery manufacturing and securing domestic and strategically important supply chains. These investments serve as a commitment to help U.S. automakers be economically competitive as the world continues shifting to EVs.
