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

October 2022
By Greg LeRoy, Kasia Tarczynska, Maja Ochojska

Will EVs Create Budget Potholes for States? Economic Development Megadeals for Electric Vehicle and Battery Factories. Report cover shows a sign and two arrows, the one going left says "Megadeals" and the one going right shows "Resilience"

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, mostly in recent years.

That conservative tabulation omits at least 53 more projects for which subsidies have not yet been disclosed. And the costs of many of the 51 known deals are only partially known. Billions have gone to unproven companies, and six states have set all-time cost records for individual economic development projects.

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