Here’s where the $154B investment and 188k jobs from Biden’s EV push are going
In recent years, automakers have announced new EV investments totaling $154 billion and creating 188,000 jobs, largely catalyzed by President Biden’s EV policies. A new map shows where it’s all happening in the US.
The new interactive mapping tool was created by BlueGreen Alliance and Atlas Public Policy. It aggregates all the investment in EV-related facilities – battery, automotive and parts manufacturing – throughout the US.
Investments in EV facilities have increased rapidly in recent years, peaking in 2022, the year the Inflation Reduction Act (IRA) was passed.
The IRA extended the US federal EV tax credit for the next decade, but also limited it by requiring that electric vehicles and their components be manufactured in the US in order to qualify (though there are some loopholes, like leasing, that allow you to still take the credit on foreign cars).
In addition, the Bipartisan Infrastructure Law (BIL) included similar rules for EV chargers, and billions in funding for EV infrastructure development and battery materials supply.
The laws have had the intended effect. Manufacturers rushed to announce huge EV investments as the laws were being negotiated and passed, as you can see in one of the charts in the tool (the spikes in 2016 and 2019 are Tesla’s factories in California and Nevada):
EV investments were already increasing due to the obvious direction the industry is going, so not everything here can be credited directly to IRA and BIL. But the large spikes in investment and job creation in the US can reasonably be correlated to Biden’s government policies directly encouraging domestic manufacturing in the EV space.
Many of these investments have happened in the burgeoning “battery belt,” which is developing in the midwest and south, and some on the west coast due to the influence of Tesla and Silicon Valley.
The interactive map can also sort locations by many other qualifications, like by company, source and amounts of government funding, plant unionization, party of the congressperson representing the district the plants are in, and so on.
According to the tool, 32% of the facilities have been sited in disadvantaged communities, which could help to revitalize those local economies (and provides companies access to cheaper labor). And 25% of the facilities seem likely to be unionized, which is high compared to the US average of 10% or US auto industry average of 16%.
Unionization has been in focus in recent times with union approval at its highest point in over half a century in the US. Biden’s EV proposals originally included union-made provisions, but those were struck down by opposition from republicans and Joe Manchin. But we’ve seen some union movement in battery manufacturing regardless, with GM’s Ultium plant voting overwhelmingly to unionize and then winning a 25% pay increase soon after.
If you’d like to have a look at the interactive map yourself, head on over to BlueGreen Alliance’s EV Jobs Hub and have a look around.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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