With the passage of the Inflation Reduction Act in 2022, the federal government boosted tax credits, hoping to help American consumers wary of the higher sticker prices for electric vehicles (EVs) to warm up to them. In a further push, in May of this year, the EPA proposed emissions standards on new vehicles that are designed to make 60% of all new vehicle sales to be electric powered by 2030.
The automotive industry responded eagerly to the push for EVs, pledging to transform large portions of their business over to electric lines. A Reuters analysis in October 2022 estimated that 37 global automakers were planning $1.2 trillion in investments in EVs, batteries and materials for the transition through 2030.
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