An estimated 40% of manufacturing and climate projects and initiatives have been paused, according to a report from the Financial Times. The delays total $84 billion.
The total values of the projects analyzed by the FT are worth nearly $228 billion.
The pauses and delays are likely due to poor market conditions, inflation, and slow demand, the FT reported.
Upon investigating the projects, the FT found that several of the largest projects facing delays include a $1 billion solar panel facility in Oklahoma, a $2.3 billion battery storage facility in Arizona, and a $1.3 billion lithium refinery in South Carolina.
John Hensley, vice president of markets and policy analysis at American Clean Power, told the outlet, “There will be attrition. Not every single one of these facilities is going to come online.”
“That’s just a healthy part of the competitive landscape,” he added.
Funding for the projects came from the Inflation Reduction Act (IRA) and Chips and Science Act.
Some of the manufacturing delays come as the demand for electric vehicles has slowed.
The Ford Motor Company revealed earlier this year that it loses more than $100,000 for each electric vehicle it sells.
“Americans don’t want EVs at levels Biden’s climate hysteria require,” wrote businessman Andy Pruzder. “Ford’s EV Q1 losses soared to $1.3 billion – a ridiculous $132,000 per EV sold. All Ford’s profits came from combustion engine vehicle sales. Collectivist policies destroy prosperity.”
Despite previously pushing for EVs, mainstream media outlets have also moved away from the “green” initiative.
CBNC said in March that EV euphoria is dead,” although claimed an “all-electric future” is still in the works, but “at a much slower pace” than originally thought.
“What we saw in ’21 and ’22 was a temporary market spike where the demand for EVs really took off,” said chief operating officer for Ford’s EV unit, Marin Gjaja. “It’s still growing but not nearly at the rate we thought it might have in ’21, ’22.”
