Federal EV tax credits saved buyers about $1 billion in 2024. Also huge tax credits, tax rebates and tax exemptions. Also subsidized EV charging stations.
In the U.S., states have awarded massive economic development packages to EV and battery factories. Georgia, for instance, gave $1.5 billion to Rivian and $1.8 billion to Hyundai for EV plants. Nationwide, over $13.8 billion has been committed to at least 51 such projects, often funded partly by federal pandemic relief funds like the American Rescue Plan Act.
So the landscape has profoundly changed and it’ll be interesting to see what this does to growth.
In the U.S., states have awarded massive economic development packages to EV and battery factories. Georgia, for instance, gave $1.5 billion to Rivian and $1.8 billion to Hyundai for EV plants. Nationwide, over $13.8 billion has been committed to at least 51 such projects, often funded partly by federal pandemic relief funds like the American Rescue Plan Act.
So the landscape has profoundly changed and it’ll be interesting to see what this does to growth.