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Will EVs Create Budget Potholes for States?: Economic Development Megadeals for Electric Vehicle and Battery Factories

Submitted by x332349 on Tue, 10/01/2002 - 20:22

By Greg LeRoy, with Kasia Tarczynska and Maja Ochojska - Good Jobs First, October 2022

In a megadeal spending spree like no other in U.S. history, states and localities have awarded more than $13.8 billion in economic development subsidies to at least 51 electric vehicle (EV) and EV battery factories. Many more dollars have certainly been committed to 53 more projects where incentives are not yet disclosed. Most of these deals have been approved since 2018, and many in just 2021 and 2022.

EVs are a necessary and vital climate-change solution, but these lavish new subsidies effectively amount to states taking credit for good news that is already unfolding. Decades of federal and state pro-EV investments and policies are paying off and the market is rapidly moving. Big factory-specific subsidies are wasting public dollars at a moment when states are flush with pandemic relief grants that should be used broadly, to make economies more resilient against future stressors.

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