President Biden’s somewhat oddly named Inflation Reduction Act (IRA) is changing the shape of US automotive production and redirecting global investment in the electric vehicle (EV) to a far greater extent than any other single policy action in the developed world. Signed into law in 2022, it is really a huge subsidy or incentive for manufacturing in the US especially and North America more broadly. Although applicable across a range of industries focused on clean energy, its biggest impact has been in the automotive sector.
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