Five to 10 years hence, carmakers have a huge opportunity to make much, much cheaper EVs. That's the real goal. And here's how it just might happen.
signed by President Joe Biden in August 2022 expanded purchase incentives for new electric vehicles, and added one for used EVs as well. That is one way to get people interested in buying EVs, of course. But it's actually another part of that massive act that is likely to do far more for U.S. manufacturing and adoption of EVs even than purchase incentives.
Called Section 45X, it funds 10 years of production credits for manufacturing battery cells, photovoltaic solar cells, and components for wind energy. And it has the potential to make EV batteries built in the U.S. so cheap that large swathes of Western cell and battery manufacturing will rush to locate in North America.One of the truisms in the electric-vehicle worry is that no one will talk in detail about battery costs.
The bottom line of the conversation was that, as the specialist put it, "All the stories on the IRA are burying the lede"—an editing phrase meaning to focus on something other than the main story, and to mention the key fact only in passing lower down.Our expert pointed us to Section 45X, which in one fell swoop will cut one-third to one-half off the total cost of any EV battery with both cells and pack built in the U.S. To quote U.S.
Our battery expert suggested this means all carmakers assembling vehicles in the U.S. will ultimately build their own battery factories, whether through joint ventures (like
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