Will The U.S. Fall Behind In The Race For Electric Vehicles?

Written by Bruno Teles

Published on 18/10/2023 at 22:41

Corrida no mercado de carros elétricos (Imagem / Reprodução: CANVA)

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The Inflation Reduction Act Aims to Reduce Carbon Emissions and Boost the Electric Vehicle Sector

In August 2022, President Joe Biden signed a significant piece of climate policy known as the Inflation Reduction Act (IRA).

The act allocates an impressive amount of 369 billion dollars for emission-cutting measures. For the electric vehicle sector, the big news is a tax credit of up to 7,500 dollars when purchasing an electric car.

According to Professor Jesse Jenkins, the focus of the IRA is to encourage clean technology, rather than imposing taxes on carbon emissions. This means that funding is available at every stage of the electric vehicle value chain, from material mining to vehicle assembly.

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Immediate Impact: Billions in Investments and New Jobs

Since the law’s implementation, 56 billion dollars in investments have already been announced, which is expected to create around 40,000 jobs and significantly increase battery capacity in the United States. The IRA is shifting the tectonic plates of the transition to electric vehicles and clean energy.

The law also requires that a certain percentage of components be manufactured or assembled in the U.S. or in countries with free trade agreements with the United States. The issue of reliance on materials from China and other countries is also on the table.

However, the legislation is opening up opportunities for other trade partners, such as Australia, Canada, and Chile, which are rich in critical minerals like lithium and cobalt.

Will the IRA Survive Political Changes?

In the U.S. political landscape, divided between Democrats and Republicans, the question remains: will the IRA survive a potential change in administration? There is cautious optimism that strong corporate lobbying and tangible economic benefits may help the law withstand political changes.

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Will The U.S. Fall Behind In The Race For Electric Vehicles?

The Inflation Reduction Act Aims to Reduce Carbon Emissions and Boost the Electric Vehicle Sector

Immediate Impact: Billions in Investments and New Jobs

Will the IRA Survive Political Changes?

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Desert sand, previously discarded for being too smooth for concrete, becomes an ecological brick in the United Arab Emirates, dispensing with Portland cement, curing at room temperature, and attempting to transform dunes useless for construction into raw material for a new arid engineering.

He transformed an abandoned plastic water tank into an underground house in the “hobbit hole” style, using only repurposed pallet wood, without heavy machinery or expensive labor.

Toyota launches “family hybrid van” with 7 or 8 seats, 1.8 hybrid engine, fuel consumption of up to 23.8 km/l, and a price equivalent to about R$ 104,000 without taxes, below the Tiggo 8 Pro Plug-in Hybrid sold in Brazil: meet the Noah Hybrid 2026 in Japan.

China transforms desert-devastated area into the world’s largest artificial forest, planting trees for 60 years, blocking sand that reached Beijing, and creating a “green lung” of 92,000 hectares in a region once considered lost.

China has deployed snake-shaped robots to slide along power lines, where they have already inspected over 130 kilometers of cables using cameras and sensors to detect damaged wires, worn-out parts, and overheating.

With 70 tons of rock removed by hand and an 800-year-old abandoned cave, a former businessman transforms a dark shelter into a modern home carved in the heart of the forest.

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