Money talks: 5 ways money affects the electric vehicle market

Politics can become a lot of white noise or, as our elders would say, “hot air” from bucks in office. Regardless of which side of the aisle you stand on in Congress, money and investment impact nearly every industry more than politics. Big companies don’t invest heavily in something that won’t work. Here are five ways cash is driving the electric vehicle market.

1. EV factories in the US grew by record numbers last year

Pick a name, any name, and you’ll find that the automaker has big plans to expand and develop its EV lineup. NPR reported that automakers announced more than $73 billion in planned projects last year, more than three times the previous record. He guesses? That previous record was set in 2021. The continued rise since 2018 shows that automakers have pushed all of their proverbial chips into the middle of the EV table.

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