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Released August 09, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--President Joe Biden announced on Thursday an executive order setting a voluntary target for half of all cars sold in the U.S. to be battery-electric, plug-in hybrid or hydrogen fuel cell-powered by 2030. Automakers have pledged to embrace a zero-emissions future and change all or some of their fleets to electric in the coming years, but there is no guarantee the administration's goal can be reached. Industrial Info is tracking more than $12 billion worth of active electric vehicle projects in the U.S., with a focus on retools and expansions at existing plants.
The president's announcement was met with support, especially from the United Auto Workers (UAW) and a number of automakers. Executives from Ford Motor Company (NYSE:F) (Dearborn, Michigan), General Motors (NYSE:GM) (GM) and Stellantis (Amsterdam, Netherlands) -- formerly Fiat Chrysler Automobiles -- flanked Biden at the White House event, and released a joint statement declaring their "shared aspiration" to make 40% to 50% of new vehicle sales electric by the end of the decade.
The U.S. auto industry's future is "electric, and there's no turning back," Biden said. However, there are immediate obstacles to widespread electric vehicle use, including vehicle costs, inadequate charging infrastructure and consumer adoption.
"Biden can mandate that half of new vehicles sold are electric vehicles by 2030, but how is he going to force people to get rid of their used vehicles and spend tens of thousands on a new EV?" asked Dave Pickering, Industrial Info's vice president of research for Industrial Manufacturing.
Meanwhile, Ford, GM and Stellantis noted they will need help from Congress to accomplish the goal, which will require purchasing incentives for consumers, building out electric vehicle charging infrastructure, and incentives to expand electric vehicle manufacturing and supply chains.
"This represents a dramatic shift from the U.S. market today that can be achieved only with the timely deployment of the full suite of electrification policies committed to by the Administration," the companies said.
For more information on the state of electric vehicles in the U.S., see March 1, 2021, article - Electric Vehicles Primed for Takeoff in the U.S., Major Automakers Plot Course.
General Motors is at work on a $2.2 billion expansion at its Spring Hill Auto Assembly and Engine Plant in Tennessee. Renovations to paint and body shops, upgrades to the general assembly area and installing new equipment will transition the facility to produce electric vehicles. Completion is expected at the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for the detailed project report.
Ford expects to finish construction in late October of a $700 million expansion at its Dearborn Truck Plant in Michigan, which consists of a 500,000-square-foot building addition to produce a new hybrid Ford F-150 model. The project also creates a new operation to assemble battery cells into battery packs for the F-150 hybrid and F-150 battery-electric vehicles. For more information, see Industrial Info's project report.
Tesla Incorporated (NASDAQ:TSLA) (Palo Alto, California) is wrapping up construction of its $1.1 billion Cybertruck gigafactory in Austin, Texas. The 7.9 million-square-foot facility, which is on track to be completed later this month, will manufacture the Cybertruck and Semi Truck, and support production of the Model 3 and Y electric cars. For more information, see Industrial Info's project report.
Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) is in the early engineering stage for a $803 million retooling at its Princeton Truck and SUV Assembly Plant in Indiana. When complete, the facility will produce two new brands of electric SUVs. Construction is expected to kick off in December, with completion in October 2023. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
The president's announcement was met with support, especially from the United Auto Workers (UAW) and a number of automakers. Executives from Ford Motor Company (NYSE:F) (Dearborn, Michigan), General Motors (NYSE:GM) (GM) and Stellantis (Amsterdam, Netherlands) -- formerly Fiat Chrysler Automobiles -- flanked Biden at the White House event, and released a joint statement declaring their "shared aspiration" to make 40% to 50% of new vehicle sales electric by the end of the decade.
The U.S. auto industry's future is "electric, and there's no turning back," Biden said. However, there are immediate obstacles to widespread electric vehicle use, including vehicle costs, inadequate charging infrastructure and consumer adoption.
"Biden can mandate that half of new vehicles sold are electric vehicles by 2030, but how is he going to force people to get rid of their used vehicles and spend tens of thousands on a new EV?" asked Dave Pickering, Industrial Info's vice president of research for Industrial Manufacturing.
Meanwhile, Ford, GM and Stellantis noted they will need help from Congress to accomplish the goal, which will require purchasing incentives for consumers, building out electric vehicle charging infrastructure, and incentives to expand electric vehicle manufacturing and supply chains.
"This represents a dramatic shift from the U.S. market today that can be achieved only with the timely deployment of the full suite of electrification policies committed to by the Administration," the companies said.
For more information on the state of electric vehicles in the U.S., see March 1, 2021, article - Electric Vehicles Primed for Takeoff in the U.S., Major Automakers Plot Course.
General Motors is at work on a $2.2 billion expansion at its Spring Hill Auto Assembly and Engine Plant in Tennessee. Renovations to paint and body shops, upgrades to the general assembly area and installing new equipment will transition the facility to produce electric vehicles. Completion is expected at the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for the detailed project report.
Ford expects to finish construction in late October of a $700 million expansion at its Dearborn Truck Plant in Michigan, which consists of a 500,000-square-foot building addition to produce a new hybrid Ford F-150 model. The project also creates a new operation to assemble battery cells into battery packs for the F-150 hybrid and F-150 battery-electric vehicles. For more information, see Industrial Info's project report.
Tesla Incorporated (NASDAQ:TSLA) (Palo Alto, California) is wrapping up construction of its $1.1 billion Cybertruck gigafactory in Austin, Texas. The 7.9 million-square-foot facility, which is on track to be completed later this month, will manufacture the Cybertruck and Semi Truck, and support production of the Model 3 and Y electric cars. For more information, see Industrial Info's project report.
Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) is in the early engineering stage for a $803 million retooling at its Princeton Truck and SUV Assembly Plant in Indiana. When complete, the facility will produce two new brands of electric SUVs. Construction is expected to kick off in December, with completion in October 2023. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
