The Buildout Begins
Recent billion-dollar factories to supply EVs and their batteries are popping up across the country, with vital political implicationss.
There’s been a surge of recent EV and battery manufacturing projects up to now 12 months. In accordance with NPR, “In 2022 alone, corporations announced greater than $73 billion in planned projects — greater than 3 times the previous record, set in 2021.”
We read loads in regards to the rapid expansion of EV and battery manufacturing. It seems loads more real should you have a look at specific construction projects. Below, I’ve listed sixteen announced projects drawn from a November 2022 assessment of the state of the industry. The worth tags range from $2 billion to $5 billion each. I’ve also added a little bit of more moderen information after the 2 lists.
While you read these lists, notice that the massive majority are in Red States, with some in Purple States. Almost none are in states that voted against Trump in 2016. This trend may possibly proceed. A CNBC business evaluation predicts that by 2030 Georgia, Kentucky, and Michigan will dominate electric vehicle battery manufacturing in the US by 2030, with Kansas, North Carolina, Ohio and Tennessee as other key players. In political terms, this could be very positive since it implies that these states may have a giant stake within the transition to electric vehicles, making GOP pushback against the EVs less likely.
Listed here are the lists:
Battery Manufacturing
KORE Power — Arizona
SK Innovation — Indiana
Stellantis — Indiana
Gotion — Michigan
Hyundai EV & Battery Project – Georgia
Rivian Project — Georgia
Statevolt — California
GM — Tennessee
Ford — Kentucky
EV Manufacturing
Ford – Tennessee
Rivian — Georgia
Tesla — Nevada
Tesla — California
GM — Michigan
GM – Ohio
VinFast — North Carolina
The trend appears to be continuing, and little doubt shall be accelerated by the Inflation Reduction Act. Since November, a Japanese company has announced plans to construct an $810 million plant within the US to supply batteries for BMW. Scion Power announced a $341 million expansion of an existing battery manufacturing plant in Arizona. Form Energy announced plans for a $750 million battery plant in West Virginia. Envision announced an $810 battery plant in West Virginia.
This list also shows that plenty of big corporations are putting their money on a transition to electric vehicles. It’s at all times reassuring when individuals with financial skin in the sport share our vision of the long run.
