The electric vehicle industry is growing fast in the United States, but it needs more investment to meet tomorrow’s challenges. For years, Panasonic has been quietly fueling this growth by building the best-in-class EV batteries. However, urgent priorities ranging from climate change to U.S. economic competitiveness and national security demand a holistic policy approach that accelerates the adoption of sustainable transportation in America.
The passage of the Inflation Reduction Act (IRA) is a critical step toward supercharging the industry, but it is just the beginning. Meeting our future needs will require the successful implementation of the IRA and a continued focus on policies that encourage domestic manufacturing, support workforce development, and drive consumer and government EV demand.
While we have a long way to go, the industry should take pride in how far we have progressed to create a robust, domestic battery supply chain. Prior to the IRA incentives taking effect in January 2023, Panasonic remained a leader in the industry:
Despite all the good news and progress, more is needed to meet the challenges we face, and, the IRA could not be more important to the future of the industry, the United States’ global economic position, and the sustainability of our planet. We encourage federal policymakers to continue to produce opportunities for continued research and development of lithium-ion battery composition, expand workforce development, and domestic critical mineral extraction to meet the industry’s growing demand.
While the U.S. EV industry made strong, steady progress in recent years, the following was also true:
The IRA is a critical first step that will push the entire industry to meet these challenges together. Panasonic is committed to working with partners to create a more prosperous, secure, and sustainable future.
The passage of the IRA puts us on a path to strengthen battery and EV supply chains together, help the industry move toward a more sustainable future faster, create thousands of new American jobs, and drive U.S. competitiveness. Seamless and efficient implementation of the IRA by all government and private sector stakeholders, along with a focus on workforce development and true partnership between industry, government, and our international allies, will accelerate our progress along that path. Panasonic is proud of our role in expanding U.S. production, and we stand with the entire industry, in our eagerness to turn today’s challenges into tomorrow’s opportunities.