It has been reported that investments in factories producing batteries for electric vehicles are accelerating in the United States.

According to a study by Bank of America’s research unit, the number of battery factories supported under the Lowering Emissions of Inflation Act has increased to 17.

The study reveals that a total of $52 billion in investments will be made for these facilities, some of which began construction in 2020, with all of them expected to begin construction by 2024.

Furthermore, according to the bank’s forecast, the US government’s support for this sector will continue.

The bank’s forecast includes the possibility of the government announcing a new Advanced Manufacturing Production Credit of up to $31 billion for investments covering the 2022-2031 period.

Last September, US President Joe Biden announced a goal for at least half of all passenger vehicles sold in the country to have zero emissions by 2030.