U.S. Automakers Look to $14 Billion in First-Quarter Kickoffs
Attachment: US auto capex 1Q24
December 18, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. auto market is on course to finish 2023 with new-vehicle sales volumes up more than 10% from 2022 and at the highest level since 2019, according to Cox Automotive, with pent-up demand largely negating the effects of this year's prolonged autoworker strikes and rising interest rates. On the manufacturing front, automakers are continuing to develop electric vehicle (EV) technology, while keeping an eye on its traditional car drivers.
Industrial Info is tracking more than $14 billion worth of capital-spending projects in the U.S. automotive industry that are set to begin construction in the first quarter, with technology related to EVs driving a significant share of the investment. While Tesla Incorporated's NASDAQ:TSLA) (Austin, Texas) and similar EV-focused companies grab most of the headlines when it comes to technological innovation, stalwarts like Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) have been upping their game.
Other companies featured: LG Energy Solution, Thai Summit Group, Ford Motor Company (NYSE:F), Stellantis (NYSE:STLA), Rivian, Hankook Tire & Technology Company Limited and Kordsa Global.
