Over $40 billion in EV investments establishes new US ‘battery belt’ with 15 new plants or expansions
A new ” battery belt” is emerging in the United States as automakers from around the globe race to meet the overwhelming demand for fully electric, zero-emission vehicles. With limited production ability, planned investments to ensure the US has an adequate supply of critical EV battery components exceeds $40 billion.
Automakers and government leaders alike have set ambitious goals for the future of electric vehicles as they look to a cleaner, more sustainable future. President Biden set a goal for 50% of overall vehicle sales to be electric by 2030.
Since then, the administration has passed a few landmark investments to support the transition and ease a few bottlenecks holding the US back from higher EV production capabilities.
The Bipartisan Infrastructure Law, signed into law in November 2021, includes $89.9 billion in funding to modernize public transit and another $7.5 billion in investments to build an EV charging network across the US.
One of the biggest problems automakers faced initially was access to semiconductors. The CHIPS and Science Act was passed to address this, providing $52.7 billion in investments to establish a reliable domestic supply chain.
And then the recently passed Inflation Reduction Act, signed into law on August 16, invests $369 billion to build a clean, sustainable economy, including tax credits for EV buyers.
Meanwhile, US automakers like General Motors have laid out plans to provide an “EV for everyone” while looking to mirror the success of Tesla, who delivered a record 343,000 EVs in the third quarter.
With nearly every automaker targeting an all-electric future, it will require a good deal of batteries. The new climate bills are stimulating investments in US EV battery production, up 700% since the start of 2021.
A new research report from the Federal Reserve Bank of Dallas highlights the significant investments automakers are pouring into the US to scale EV battery production and meet the surplus of people looking to make the switch.
EV battery investments in the US exceed $40 billion
According to the report, US EV battery capacity additions in the US were minuscule compared to the past few years. The federal institution points out:
U.S. capacity additions were sporadic until recently when the pace of new announcements picked up. Six new facilities, worth more than $5 billion, were announced from 2018 to 2020.
As mentioned, new US climate initiatives have promoted a significant ramp in EV battery investments.
Since the start of 2021, more than 15 new facilities or expansions have been disclosed in the U.S., reflecting a potential investment of at least $40 billion.
And this is just the start. The production capabilities at these facilities far exceed their earlier counterparts. All but one of the 15 new plants exceed 10 GWh capacity compared to earlier announced facilities, often producing less than 1 GWh.
With the new EV tax credit requirements (battery sourcing and final assembly must take place in North America or with free trade partners), automakers are scrambling to ensure their EV models meet the criteria.
With over $40 billion in investments already, EVs are reviving the rust belt in what’s being called the new “battery belt.” The new funding is creating jobs while putting the US on a path toward sustainability. So far, these historical investments have created over 642,000 manufacturing jobs in the US since 2021.
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The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
Read more: Ørsted got a huge Tesla battery storage system for the world’s single-largest offshore wind farm
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Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
2024 Jeep Wagoneer S EV lease prices
After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
| Jeep Wagoneer S vs Tesla Model Y | Starting Price | Range | Lease Price |
| Jeep Wagoneer S Launch Edition | $71,995 | +300 miles | $599/mo |
| Tesla Model Y RWD | $44,990 | 320 miles | $299/mo |
| Tesla Model Y AWD | $47,990 | 308 miles | $399/mo |
| Tesla Model Y AWD Performance | $51,490 | 279 miles | $599/mo |
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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