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Released October 18, 2023 | sugar land
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Researched by Industrial Info Resources (Sugar Land, Texas)--As demand for electric vehicles (EV) continues its upward trend, both foreign and domestic automotive manufacturers are boosting their related investments in the U.S. by building manufacturing plants and expanding existing ones. Industrial Info is tracking $8 billion worth of active automotive projects in the U.S. that are planned to begin construction as currently scheduled in fourth-quarter 2023, with EV-related projects accounting for more than half of the spending.
According to the International Energy Agency's (IEA) Global EV Outlook 2023 report, the U.S. is the third-largest global EV market, behind China and Europe. The report notes EV sales in the U.S. increased 55% in 2022.
As the demand for EVs continues to rise, so does the demand for their required batteries. The IEA report notes U.S. demand for lithium-ion batteries grew by around 80% in 2022 relative to 2021, despite domestic electric car sales only increasing by around 55% in 2022. The report also notes the average size of battery electric cars in the U.S. remains about 40% higher than the global average, "due in part to the higher share of SUVs in domestic electric car sales relative to other major markets, as well as manufacturers' strategies to offer longer all-electric driving ranges."
Among the related projects Industrial Info expects will kick off in the fourth quarter is construction of a third plant at SK On Company Limited's (Seoul, South Korea) lithium-ion battery manufacturing complex in Commerce, Georgia. The Plant 3 project entails constructing a 430,000-square-foot facility capable of producing 11.7 gigawatt-hours (GWh) per year. The project is expected to take about a year to complete. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for the full report.
Meanwhile, Industrial Info is tracking three projects from EV leader Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas), at its Cybertruck Gigafactory in Austin, Texas. The campus' current production capacity ranges from 2,000 to 5,000 vehicles per week. A $368 million addition entails constructing a 690,000+-square-foot building to manufacture battery cells for Tesla's Model Y, Cybertruck and future Roadster 2 models; a $124 million expansion involves constructing a 500,000-square-foot building to enlarge its assembly operations; and an $85 million addition is aimed at manufacturing automatic drive units. The projects are expected to wrap up next year. Subscribers can click here to see the detailed project reports.
Manufacturers also are working to boost parts for EVs. Two such projects are being constructed at Sewon America Incorporated's (LaGrange, Georgia) $300 million grassroot plant in Rincon, Georgia, which would produce auto body parts, and SECO Ecoplastic's (Gyeongju-si, South Korea) $205 million plant in Register, Georgia, which would produce bumpers, interior trim and other plastic parts. Subscribers can see reports on the Rincon and Register projects, which are expected to be completed in late 2024. Sewon America is a subsidiary of Sewon Precision Industry (Daegu).
Both projects will supply Hyundai Motor Group's (Seoul) $5.54 billion EV and battery complex in Ellabell, Georgia, which is currently under construction. Subscribers can read more in a detailed project report and plant profile.
Despite the EV hype, projects related to internal combustion engine (ICE) vehicles are still apparent. General Motors Company (NYSE:GM) (Detroit, Michigan) expects a $788 million expansion and retooling of its Flint Truck Assembly Plant in Michigan will begin before the end of the year. The project involves expanding the existing 5.2-million-square-foot plant by constructing a body shop building addition, expanding the assembly conveyor system and installing new equipment, to assemble GM's next generation of ICE heavy-duty trucks. Click here for the project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of active U.S. automotive projects set to begin construction from October through December.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
According to the International Energy Agency's (IEA) Global EV Outlook 2023 report, the U.S. is the third-largest global EV market, behind China and Europe. The report notes EV sales in the U.S. increased 55% in 2022.
As the demand for EVs continues to rise, so does the demand for their required batteries. The IEA report notes U.S. demand for lithium-ion batteries grew by around 80% in 2022 relative to 2021, despite domestic electric car sales only increasing by around 55% in 2022. The report also notes the average size of battery electric cars in the U.S. remains about 40% higher than the global average, "due in part to the higher share of SUVs in domestic electric car sales relative to other major markets, as well as manufacturers' strategies to offer longer all-electric driving ranges."
Among the related projects Industrial Info expects will kick off in the fourth quarter is construction of a third plant at SK On Company Limited's (Seoul, South Korea) lithium-ion battery manufacturing complex in Commerce, Georgia. The Plant 3 project entails constructing a 430,000-square-foot facility capable of producing 11.7 gigawatt-hours (GWh) per year. The project is expected to take about a year to complete. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for the full report.
Meanwhile, Industrial Info is tracking three projects from EV leader Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas), at its Cybertruck Gigafactory in Austin, Texas. The campus' current production capacity ranges from 2,000 to 5,000 vehicles per week. A $368 million addition entails constructing a 690,000+-square-foot building to manufacture battery cells for Tesla's Model Y, Cybertruck and future Roadster 2 models; a $124 million expansion involves constructing a 500,000-square-foot building to enlarge its assembly operations; and an $85 million addition is aimed at manufacturing automatic drive units. The projects are expected to wrap up next year. Subscribers can click here to see the detailed project reports.
Manufacturers also are working to boost parts for EVs. Two such projects are being constructed at Sewon America Incorporated's (LaGrange, Georgia) $300 million grassroot plant in Rincon, Georgia, which would produce auto body parts, and SECO Ecoplastic's (Gyeongju-si, South Korea) $205 million plant in Register, Georgia, which would produce bumpers, interior trim and other plastic parts. Subscribers can see reports on the Rincon and Register projects, which are expected to be completed in late 2024. Sewon America is a subsidiary of Sewon Precision Industry (Daegu).
Both projects will supply Hyundai Motor Group's (Seoul) $5.54 billion EV and battery complex in Ellabell, Georgia, which is currently under construction. Subscribers can read more in a detailed project report and plant profile.
Despite the EV hype, projects related to internal combustion engine (ICE) vehicles are still apparent. General Motors Company (NYSE:GM) (Detroit, Michigan) expects a $788 million expansion and retooling of its Flint Truck Assembly Plant in Michigan will begin before the end of the year. The project involves expanding the existing 5.2-million-square-foot plant by constructing a body shop building addition, expanding the assembly conveyor system and installing new equipment, to assemble GM's next generation of ICE heavy-duty trucks. Click here for the project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of active U.S. automotive projects set to begin construction from October through December.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
