Inflation Reduction Act at One Year

One year ago, on August 16, 2022, President Biden signed the Inflation Reduction Act (IRA), creating generational levels of investment in transportation electrification and a seismic shift in the future of transportation.

The IRA is spurring billions in investments in manufacturing and supply chains, creating stronger economies for communities across America, including rural, tribal, and disadvantaged communities, and continuing our nation’s leadership in the global automotive sector. IRA investments cross political boundaries, benefitting red and blue states, and put resources in the hands of local decision-makers, who are taking action and passing state and local policies aligning with these federal investments.

One year after President Biden signed the IRA, we are seeing greater numbers of EV models available on the market, rapidly growing charging infrastructure, an increasing number of electric medium- and heavy-duty vehicles, and additional manufacturing of vehicles, batteries, and charging equipment.

A recent report identified over $120 billion in private investments, which will require hiring American workers to build a domestic EV supply chain. Nearly 60,000 jobs have been announced since the IRA was signed just one year ago.

“The Inflation Reduction Act has secured billions of dollars for the electric vehicle industry, expanding clean energy efforts and manufacturing jobs in the U.S. As a result of these investments and commitments, this summer Lion Electric officially opened its 900,000 square-foot Joliet, Illinois facility – the largest, all-electric U.S. plant dedicated to medium and heavy-duty commercial vehicle production. At full scale, the plant will have an estimated production capacity of 20,000 vehicles per year in a combination of both zero-emission school buses and electric trucks, which the company expects will lead to nearly 1,400 skilled workers.”

Additional investments include:

The United States is in a global race with China to see who will build the future of transportation. Thanks to the Inflation Reduction Act, we are in a much better place than we were two years ago. We want Americans to build the next generation of vehicles that Americans will be driving.

Amy Malaki

Amy Malaki is the Director of Partnerships and Policy at SkyNRG and SkyNRG Americas, pioneering global leaders in sustainable aviation fuel production and supply. Prior to SkyNRG, Amy was the Associate Director for the transportation portfolio at the ClimateWorks Foundation where she developed philanthropic investment strategies to advance a sustainable, equitable and low-carbon mobility system. She also pioneered the organization’s international aviation decarbonization strategy. Prior to that she focused on Asia business development at Better Place, a Silicon Valley electric vehicle network startup. She has a B.A. in Chinese and China studies from the University of Washington and an M.A. in international policy studies (energy and environment) from Stanford University.