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Project(s): View 4 related projects in PECWeb
Plant(s): View 4 related plants in PECWeb
Released May 15, 2024 | SUGAR LAND
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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 18% of total light-duty vehicle (LDV) sales in the U.S. in the first quarter, down slightly from 18.8% in fourth-quarter 2023, according to the U.S. Energy Information Administration (EIA), citing data from Wards Intelligence. Industrial Info is tracking $60 billion worth of EV-related projects under construction in the U.S.
According to the EIA, "The share of electric and hybrid vehicle sales in the United States decreased in the first quarter of 2024 [from fourth-quarter 2023] as battery electric vehicle (BEV) sales declined." The agency said BEV sales grew 7% in the first quarter compared with first-quarter 2023 "after 13 consecutive quarters of double-digit gains."
The slowdown in growth can be attributed to two factors, the EIA said: "an uneven decline in the overall new LDV sales market, where luxury vehicle sales declined more than mass-market sales," as well as a decline in mass-market BEV sales.
A new report from the International Energy Agency (IEA) (Paris, France) noted sales of electric vehicles (EVs) in the U.S. in 2023 accounted for 10% of global EV sales that year, and the agency expects U.S. sales in 2024 to account for about the same rate. For more information on the recent report, see April 23, 2024, article - IEA Projects Another Record Year of Global Electric Vehicle Sales.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list of EV-related projects underway in the U.S.
One project is attributed to BlueOvalSK, a joint venture of Ford Motor Company (NYSE:F) (Dearborn, Michigan) and SK Innovation (Seoul, South Korea). Gray Construction (Lexington, Kentucky) is constructing the joint venture's $3.4 billion EV battery plant in Glendale, Kentucky. The 4 million-square-foot facility will feature a manufacturing capacity of 43 gigawatt-hours (GWh) of batteries per year, enough for 1.3 million EVs. The project is expected to wrap up in 2025. Subscribers can learn more by viewing the project report.
Ford also is at work on another project: the $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.
Last month, Ford reported it sold 20,223 EVs in the first quarter, making the automaker the second best-selling brand behind Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas) for the quarter. Still, first-quarter sales are down from 25,937 EVs sold in fourth-quarter 2023.
Another major joint venture is responsible for project activity: Ultium Cells LLC, which pairs General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) and LG Chem (Seoul), is building a $2.6 billion grassroot battery plant in Lansing, Michigan. The plant will feature a 2.8 million-square-foot facility to produce 50 GWh per year of battery cells for GM's EV-assembly plants. Production is planned to begin in late 2024. Click here for the project report.
Automakers also are developing components necessary for EV production. Honda Motor Company Limited (NYSE:HMC) (Tokyo, Japan) is retooling its Marysville Auto Plant (MAP) in Ohio, which will be the company's first automotive plant to transition to EV production, by upgrading production equipment to assemble battery cases and modules. Honda expects production will begin in late 2025. Click here for the project report.
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 share of electric and hybrid vehicle sales in the United States decreased in the first quarter of 2024 [from fourth-quarter 2023] as battery electric vehicle (BEV) sales declined." The agency said BEV sales grew 7% in the first quarter compared with first-quarter 2023 "after 13 consecutive quarters of double-digit gains."
The slowdown in growth can be attributed to two factors, the EIA said: "an uneven decline in the overall new LDV sales market, where luxury vehicle sales declined more than mass-market sales," as well as a decline in mass-market BEV sales.
A new report from the International Energy Agency (IEA) (Paris, France) noted sales of electric vehicles (EVs) in the U.S. in 2023 accounted for 10% of global EV sales that year, and the agency expects U.S. sales in 2024 to account for about the same rate. For more information on the recent report, see April 23, 2024, article - IEA Projects Another Record Year of Global Electric Vehicle Sales.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list of EV-related projects underway in the U.S.
One project is attributed to BlueOvalSK, a joint venture of Ford Motor Company (NYSE:F) (Dearborn, Michigan) and SK Innovation (Seoul, South Korea). Gray Construction (Lexington, Kentucky) is constructing the joint venture's $3.4 billion EV battery plant in Glendale, Kentucky. The 4 million-square-foot facility will feature a manufacturing capacity of 43 gigawatt-hours (GWh) of batteries per year, enough for 1.3 million EVs. The project is expected to wrap up in 2025. Subscribers can learn more by viewing the project report.
Ford also is at work on another project: the $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.
Last month, Ford reported it sold 20,223 EVs in the first quarter, making the automaker the second best-selling brand behind Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas) for the quarter. Still, first-quarter sales are down from 25,937 EVs sold in fourth-quarter 2023.
Another major joint venture is responsible for project activity: Ultium Cells LLC, which pairs General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) and LG Chem (Seoul), is building a $2.6 billion grassroot battery plant in Lansing, Michigan. The plant will feature a 2.8 million-square-foot facility to produce 50 GWh per year of battery cells for GM's EV-assembly plants. Production is planned to begin in late 2024. Click here for the project report.
Automakers also are developing components necessary for EV production. Honda Motor Company Limited (NYSE:HMC) (Tokyo, Japan) is retooling its Marysville Auto Plant (MAP) in Ohio, which will be the company's first automotive plant to transition to EV production, by upgrading production equipment to assemble battery cases and modules. Honda expects production will begin in late 2025. Click here for the project report.
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).
