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North American EV investments to surpass $140bn: Nikkei estimate

Biden's Inflation Reduction Act boosts U.S. industry at the cost of other countries

U.S. President Joe Biden at the General Motors "Factory ZERO" electric vehicle assembly plant in Detroit, Michigan.   © Reuters

TOKYO -- Global investment related to electric vehicles is growing rapidly in North America, with the world's 10 largest automakers spending about $140 billion there between 2022 to 2028, according to a Nikkei estimate.

The Inflation Reduction Act passed by the U.S. Congress last year is seen adding impetus to the trend, raising concerns among U.S. trading partners that their domestic industries will be hollowed out as a consequence.

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