ICYMI: LARGE MANUFACTURING INVESTMENTS CONTINUE THANKS TO BIDEN VICTORIES

Inflation Reduction Act and CHIPS & Science Act Usher In New Era of U.S. Domestic Manufacturing

In Case You Missed It — U.S. manufacturing is on a roll under President Biden.

Today, Micron announced a significant investment, putting $15 billion toward memory-chip manufacturing in Boise, according to Reuters. By the end of the decade, that investment is projected to create 17,000 jobs. The decision is thanks to President Biden’s CHIPS and Science Act, which is boosting U.S. semiconductor production.

Earlier this week, Toyota announced that it will invent $2.5 billion in its North Carolina facility that produces electric vehicle batteries, bringing 350 more jobs to the area. This investment is also a direct result of the Inflation Reduction Act, which provides hundreds of billions in incentives for clean energy companies and a more sustainable energy future.

KEY POINTS: 

Reuters: Micron to invest $15 billion in new manufacturing unit in Idaho

  • Micron Technology Inc (MU.O) said on Thursday it will invest about $15 billion over the next 10 years in a new memory-chip manufacturing facility in Boise, Idaho, where it is based.

  • The investment takes into account anticipated federal grants and credits under the CHIPS and Science Act and will create 17,000 jobs by the end of the decade.

  • President Joe Biden last month signed a bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the country more competitive.

MarketWatch: Toyota to invest additional $2.5 billion in North Carolina EV battery facility, add 350 jobs

  • Toyota Motor Corp. said Wednesday it’s investing an additional $2.5 billion in its North Carolina facility, Toyota Battery Manufacturing, to support electric vehicle battery production. The company said the new funds will add 350 jobs, brining the total of about 2,100. The facility will produce batteries for hybrid electric vehicles with production scheduled to start in 2025.

  • The company’ future battery production commitment stands at up to $5.6 billion, the company said. Last year, Toyota announced plans for global investments of up to $70 billion in electric vehicles.
  • “This plant will serve a central role in Toyota’s leadership toward a fully electrified future and will help us meet our goal of carbon neutrality in our vehicles and global operations by 2035,” said Norm Bafunno, senior vice president, Unit Manufacturing and Engineering at Toyota Motor North America.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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