Domestic EV battery production is surging ahead, thanks to small clause in Inflation Reduction Act

thanks to the government's electrification efforts. Soon, more electric car components could be built in the U.S., potentially reducing the industry's reliance on dangerous and expensive mining abroad.

Battery recycling is getting a big boost from the Inflation Reduction Act of 2022. That's because of a clause in the legislation titled the"Advanced Manufacturing Production Credit" which grants 10 years' worth of tax credits for the domestic manufacturing of battery cells and modules. Under the provision, batteries recycled in the U.S. qualify for subsidies, regardless of their origin. The benefits of those subsidies are twofold, as automakers who use U.S.

"[The IRA] changes how [we can provide] all of these batteries that the market now wants and is demanding," Mike O'Kronley, CEO of battery material manufacturer Ascend Elements, told CBS MoneyWatch. Ascend Elements plans to use $480 million from two U.S. Department of Energy grants to build a Kentucky manufacturing plant scheduled to open in the fourth quarter of 2024.

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