The Inflation Reduction Act (IRA) has been instrumental in creating new jobs in America’s growing electric vehicle (EV) industry. Passed in 2022 by the Biden administration, the landmark measure invested heavily in EV production and infrastructure, dedicating tens of billions of dollars to deploying public charging stations and supporting domestic EV manufacturing.
The IRA provided both manufacturers and consumers with financial incentives to boost EV production and encourage the transition from fossil fuel-powered cars to EVs. These incentives have stimulated major investments in electric vehicle and EV battery manufacturing, positioning the U.S. as a leader in clean energy and creating thousands of new job opportunities nationwide.
Experts predicted that the IRA would generate hundreds of thousands of new jobs across multiple industries as EV adoption surged in the U.S. However, with the Trump administration targeting and repealing many climate action-related policies from the previous administration, the U.S. may miss out on the economic benefits associated with electric vehicle expansion.
President Trump has ordered states to halt the use of federal funds for developing public EV charging infrastructure. His administration has also considered eliminating federal EV purchase incentives, a move that would undoubtedly hinder electric vehicle sales in the U.S. The 2022 Inflation Reduction Act could be the next Biden-era policy to face repeal under the Trump administration.
Since 2022, the IRA has attracted approximately $125 billion in new investments for electric vehicle and battery manufacturing, resulting in job growth in automotive production, charging infrastructure development, and battery manufacturing. Projections indicate that the IRA will create more than 118,000 new jobs between 2026 and 2030, allowing the American economy to benefit from domestic auto production once again.
Despite its massive potential for job creation, the IRA’s EV-related provisions are at risk of repeal by the GOP-controlled Congress, which could result in the loss of 130,000 direct jobs by 2030. The total impact, when considering related industries such as retail, hospitality, and mineral processing, could reach 440,000 lost jobs.
Vehicle production alone could see a loss of 30,600 jobs, while battery manufacturing and charging infrastructure would shed 85,000 and 14,200 jobs, respectively. Additionally, logistics providers and raw material suppliers that depend on the EV sector would also be negatively affected.
The IRA has laid the groundwork for a robust EV job market, and if protected, could usher in a new wave of American manufacturing jobs, ensuring long-term economic benefits for workers in the EV and clean energy sectors. The evidence of this is already evident in the numbers of direct and indirect employees that firms like Mullen Automotive Inc. (NASDAQ: MULN) have engaged as their operations grow.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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