EV Demand Drives $15 Billion in 2Q U.S. Auto Industry Kickoffs

March 16, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--As the outlook for the U.S. electric vehicle (EV) sector grows, automakers are expanding and refitting many of their existing facilities to manufacture EVs and their components. Both domestic and foreign-based companies see an advantage in significantly boosting their EV-related investments.

Industrial Info is tracking more than $15 billion worth of automotive projects set to begin construction across the U.S. in second-quarter 2023, with storage battery projects accounting for nearly 60% of the spending. Michigan, long regarded as the capitol of the U.S. auto industry, is among the leading states in the development of lithium-ion batteries in the coming quarter. A newcomer is at work on one of the largest projects catering to the EV market: Our Next Energy.

Other companies featured: Ford Motor Company (NYSE:F), General Motors Corporation (NYSE:GM), The Shyft Group Incorporated (NASDAQ:SHYF), Gotion Incorporated, Magna International Incorporated, Electrovaya (TSX:EFL), Toyota Motor Corporation (NYSE:TM) and Tesla Incorporated (NASDAQ:TSLA).