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.
Inflation Reduction Act Resources
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.
Additional investments include: