This paper is the seventh version of an initial report released in May 2019* that summarizes the current status and projected growth of the U.S. electric vehicle (EV) industry over the next five to ten years. This version of the report is released as monumental changes are occurring in the EV space. President Biden signed the Inflation Reduction Act (IRA) of 2022, which through the provision of billions in grants and purchase credits for a variety of light-, medium-, and heavy-duty EVs, has the potential to further accelerate the adoption of light-duty EVs and provide a significant down payment on medium- and heavy-duty trucks and bus electrification. Analyses of the IRA forecast that the legislation will cut greenhouse gas (GHG) emissions down to 40 percent below 2005 levels in 2030. These GHG emission reductions will be achieved by making historic climate and clean energy investments totaling $369 billion, representing the single biggest climate investment in U.S. history. At the state level, the California Air Resources Board (CARB) has approved the Advanced Clean Cars II update, which will accelerate the transition to light-duty EVs through both increased stringency of requirements and associated actions to support wide-scale adoption and use; by 2035 all new passenger cars, trucks, and SUVs sold will be zero emission vehicles (ZEVs).

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