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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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?

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

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