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Researched by Industrial Info Resources (Sugar Land, Texas)--Sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) accounted for 16.3% of total light-duty vehicle (LDV) sales in the U.S. in 2023, up from 12.9% in 2022, according to the U.S. Energy Information Administration (EIA), citing data from Wards Intelligence.
According to the EIA, "The full-year share of total U.S. LDV sales for hybrids, plug-in hybrids, and BEVs rose as the number of BEV model options increased, hybrid vehicles were offered in more popular size classes, and BEV prices declined. Manufacturer price cuts and the Clean Vehicle Credit and Qualified Commercial Vehicle Credit from the Inflation Reduction Act also reduced the cost of BEVs."
Industrial Info is tracking 118 active electric vehicle (EV)-related projects in the U.S., with a total investment value of $117.3 billion.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a list of detailed project reports.
Hyundai Motor Group (Seoul) is building a $5.5 billion grassroot EV assembly plant in Ellabell, Georgia, which entails constructing 11 buildings, accounting for up to 17,000,000 square feet, with a production capacity of 300,000 EVs per year. Also underway, through a joint venture with LG Energy Solution (Seoul, South Korea), is the construction of an adjacent $6.3 billion EV battery-manufacturing plant--with a capacity of 30 gigawatt-hours (GWH) worth of batteries annually to be supplied to Hyundai's production facilities for its Hyundai, Kia and Genesis EV models.
Hyundai also is expanding its vehicle assembly plant in Montgomery, Alabama to produce EVs, beginning with its Santa Fe hybrid and GV70 all-electric models.
Subscribers can read detailed information on the Ellabell EV assembly and battery projects, as well as the Montgomery project. All three projects are expected to be completed by the end of 2025.
Meanwhile, Ford Motor Company (NYSE:F) (Dearborn, Michigan) is performing a $1.5 billion expansion of its assembly plant in Avon Lake, Ohio, which entails adding a 750,000-square-foot building that will enable Ford to produce a new commercial EV at the plant. The project is expected to wrap up in 2025. Click here to read the project report.
BMW (Munich, Germany) is at work on expanding its assembly plant in Greer, South Carolina, to prepare the plant for the production of EVs. The $1 billion project, which is expected to wrap up in mid-2025, will add approximately 850,000 square feet of building space to the roughly 7 million-square-foot vehicle manufacturing complex. Click here for more information.
"One additional market dynamic that likely influenced BEV sales in 2023 was the increase in the luxury vehicle market share after the pandemic," the EIA said.
Auto sales continue to normalize from COVID-related disruptions. Ford sold 72,608 EVs in 2023 (a new annual record), up 18% year-over-year, and hybrid-vehicle sales were up 25% from 2023. Ford's EV growth was buoyed by the best-selling electric truck in the U.S.; sales of its all-electric F-150 Lighting model were up 55% year-over-year. Meanwhile, General Motors Company's (NYSE:GM) (Detroit, Michigan) 75,883 EV units sold in 2023 accounted for just 2.9% of the automaker's total sales, but that is still a 93% jump from 2022.
But there are signs EV growth is slowing, with automakers starting to cut their production targets and EV-related investments. For more information, see November 13, 2023, article - Automakers Slow EV Spending as Demand Lags Projections.
GM has dropped its goal of making 400,000 EVs through mid-2024, but still aims for 1 million by 2025; late last year, Ford said it had cut the 2024 production goal for the electric F-150 Lightning model in half.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
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) platform 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 EIA, "The full-year share of total U.S. LDV sales for hybrids, plug-in hybrids, and BEVs rose as the number of BEV model options increased, hybrid vehicles were offered in more popular size classes, and BEV prices declined. Manufacturer price cuts and the Clean Vehicle Credit and Qualified Commercial Vehicle Credit from the Inflation Reduction Act also reduced the cost of BEVs."
Industrial Info is tracking 118 active electric vehicle (EV)-related projects in the U.S., with a total investment value of $117.3 billion.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a list of detailed project reports.
Hyundai Motor Group (Seoul) is building a $5.5 billion grassroot EV assembly plant in Ellabell, Georgia, which entails constructing 11 buildings, accounting for up to 17,000,000 square feet, with a production capacity of 300,000 EVs per year. Also underway, through a joint venture with LG Energy Solution (Seoul, South Korea), is the construction of an adjacent $6.3 billion EV battery-manufacturing plant--with a capacity of 30 gigawatt-hours (GWH) worth of batteries annually to be supplied to Hyundai's production facilities for its Hyundai, Kia and Genesis EV models.
Hyundai also is expanding its vehicle assembly plant in Montgomery, Alabama to produce EVs, beginning with its Santa Fe hybrid and GV70 all-electric models.
Subscribers can read detailed information on the Ellabell EV assembly and battery projects, as well as the Montgomery project. All three projects are expected to be completed by the end of 2025.
Meanwhile, Ford Motor Company (NYSE:F) (Dearborn, Michigan) is performing a $1.5 billion expansion of its assembly plant in Avon Lake, Ohio, which entails adding a 750,000-square-foot building that will enable Ford to produce a new commercial EV at the plant. The project is expected to wrap up in 2025. Click here to read the project report.
BMW (Munich, Germany) is at work on expanding its assembly plant in Greer, South Carolina, to prepare the plant for the production of EVs. The $1 billion project, which is expected to wrap up in mid-2025, will add approximately 850,000 square feet of building space to the roughly 7 million-square-foot vehicle manufacturing complex. Click here for more information.
"One additional market dynamic that likely influenced BEV sales in 2023 was the increase in the luxury vehicle market share after the pandemic," the EIA said.
Auto sales continue to normalize from COVID-related disruptions. Ford sold 72,608 EVs in 2023 (a new annual record), up 18% year-over-year, and hybrid-vehicle sales were up 25% from 2023. Ford's EV growth was buoyed by the best-selling electric truck in the U.S.; sales of its all-electric F-150 Lighting model were up 55% year-over-year. Meanwhile, General Motors Company's (NYSE:GM) (Detroit, Michigan) 75,883 EV units sold in 2023 accounted for just 2.9% of the automaker's total sales, but that is still a 93% jump from 2022.
But there are signs EV growth is slowing, with automakers starting to cut their production targets and EV-related investments. For more information, see November 13, 2023, article - Automakers Slow EV Spending as Demand Lags Projections.
GM has dropped its goal of making 400,000 EVs through mid-2024, but still aims for 1 million by 2025; late last year, Ford said it had cut the 2024 production goal for the electric F-150 Lightning model in half.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
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) platform 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).
