Study after study has concluded that the law has been a tremendous boon for a nascent industry to build electric cars and reach far back into the supply chain to mine, process and assemble their batteries. One of the most recent assessments, released Monday by the business-oriented nonprofit E2, tabulated that in the year since the Inflation Reduction Act cleared Congress, private industry has committed $56 billion into the EV ecosystem, to build everything from battery materials to charging stations. That comes on top of the substantial EV investments from automakers’ earlier commitments and money from 2021’s bipartisan infrastructure law.
