Investments in clean energy and transportation hit $75 billion in the US in the third quarter of this year, driven largely by a surge in EV purchases, a new report by Rhodium Group found.
EV sales jumped 32% from the previous quarter to hit a new record as drivers raced to grab federal incentives before they expired at the end of September. But such investment levels are unlikely to continue.
Other clean tech sectors appear to have already peaked: Investments in EV manufacturing, for example, dropped 30% compared to the same period last year. And while companies announced $6 billion in new projects this past quarter, mostly for EVs and batteries, they also cancelled $2 billion worth of existing projects, primarily in battery manufacturing, Rhodium found.