(Bloomberg) -- Since the Inflation Reduction Act was signed into law one year ago this week, there’s been $59 billion in new EV investments announced in the US, according to BloombergNEF.
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It’s hard to parse how much of that might have happened anyway — automakers were pouring money into new EV plants before the law passed — but it is clear that the IRA’s massive outlay of subsidies and tax credits is attracting investment. Look at Tesla Inc.’s expansion plans in Nevada, or Stellantis NV’s threat to move its under-construction battery plant from Canada to the US.
Still, big hurdles remain for the much-hyped law to fully make good on its goals. If the endgame is speeding EV adoption while creating well-paying clean energy jobs, we also need to look beyond investment dollars and high-profile EV unveilings to measure the law’s efficacy. A year isn’t enough time to see all these outcomes, so here are four things to watch:
United Auto Workers Negotiations
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