Cumulative battery and EV supply chain investment in North America grew to more than $250 billion by the end of 2023, according to the US Department of Energy (DOE). Investment in battery and EV supply chains increased rapidly after the passage of the Bipartisan Infrastructure Law (BIL) on 15 November 2021, and the Inflation Reduction Act (IRA) on 16 August 2022.

Investment by manufacturing product shows that cell production accounted for about half of all investments by the end of 2023, followed by EV assembly (22%) and minerals (12%).

Source: Argonne National Laboratory, Quantification of Commercially Planned Battery Component Supply in North America through 2035, March 2024, Figure 5.