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Researched by Industrial Info Resources (Sugar Land, Texas)--As the outlook for the U.S. electric vehicle (EV) sector grows, auto manufacturers 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 active automotive projects set to begin construction across the U.S. in second-quarter 2023, with storage battery projects accounting for nearly 60% of the projected spending.
Click on the image at right for a graph detailing the top 10 parent companies for second-quarter automotive project kickoffs across the U.S., by total investment.
Michigan, long regarded as the capitol of the U.S. auto industry, is among the leading states in the development of lithium-ion batteries, which are necessary for EVs, in the coming quarter. While titans like Ford Motor Company (NYSE:F) (Dearborn, Michigan) and General Motors Corporation (NYSE:GM) (Detroit, Michigan) are the names most often associated with Michigan's business landscape, a newcomer is at work on one of the largest projects catering to the EV market. Our Next Energy (ONE) (Novi, Michigan), which was founded in 2020, is in the early phases of a $1.6 billion renovation of its EV battery-manufacturing plant in Van Buren Township that will allow the facility to manufacture up to 200,000 EV battery packs annually.
ONE announced earlier this month that one of the products manufactured at its Van Buren facility, the Aries battery, will be used in The Shyft Group Incorporated's (NASDAQ:SHYF) Blue Arc Class 5 EVs. Mujeeb Ijaz, the chief executive officer of ONE, noted this marks ONE's 10th supply agreement since 2021. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can learn more in a detailed project report.
Foreign-owned companies also play a major role in Michigan's rapidly growing EV battery market. Gotion Incorporated, a subsidiary of Guoxuan Hi-Tech Company Limited (Hefei, China), is hoping to begin work on the first phase of an EV battery plant in Big Rapids, while Magna International Incorporated (Aurora, Ontario) is preparing for a first-phase expansion of its EV battery plant in Saint Clair. Subscribers can read detailed reports on the Big Rapids and Saint Clair projects.
Other states with major EV battery project kickoffs on the horizon include New York, where Electrovaya (TSX:EFL) (Mississauga, Ontario), which was founded in 1996 and has been publicly traded for more than 20 years, is preparing for a $75 million renovation of its Ellicott Lithium-Ion Cells & Batteries Plant in Jamestown. Industry titan Hyundai Motor Group (South Korea) is planning a $205.5 million EV battery plant addition at its campus in Montgomery, Alabama, which historically has focused on front and rear chassis modules. Subscribers can read detailed reports on the Jamestown and Montgomery projects.
Alabama has become a top destination for foreign-based automakers, who have responded warmly to the state's labor and taxation policies. Its more traditional automotive facilities also are getting tune-ups: Toyota Motor Corporation (NYSE:TM) (Aichi, Japan) is preparing for a $222 million expansion of its car and truck engine-manufacturing plant in Huntsville, which produces both combustion and hybrid-electric four-cylinder engines. Subscribers can learn more from Industrial Info's detailed project report.
Not to be outdone, Ford is expanding one of its major facilities with the addition of an EV line at its assembly plant in Avon Lake, Ohio, which the state bolstered last year with a 30-year tax credit worth $70 million. On top of that, JobsOhio, the state's private economic development arm, pitched in $135 million worth of grants. Subscribers can learn more from Industrial Info's detailed project report.
And of course, there's Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas). Elon Musk's company is planning a $124 million expansion of two assembly buildings at its Cybertruck Gigafactory in Austin, Texas. The addition is expected to increase capacity at the complex, which currently produces 2,000 to 5,000 vehicles per week, by more than 11%. It's hardly a surprising decision: The Cybertruck already boasts more than 1.5 million pre-orders worldwide. Subscribers can learn more from Industrial Info's detailed 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 reports for active automotive projects set to begin construction across the U.S. in second-quarter 2023.
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).
Click on the image at right for a graph detailing the top 10 parent companies for second-quarter automotive project kickoffs across the U.S., by total investment.Michigan, long regarded as the capitol of the U.S. auto industry, is among the leading states in the development of lithium-ion batteries, which are necessary for EVs, in the coming quarter. While titans like Ford Motor Company (NYSE:F) (Dearborn, Michigan) and General Motors Corporation (NYSE:GM) (Detroit, Michigan) are the names most often associated with Michigan's business landscape, a newcomer is at work on one of the largest projects catering to the EV market. Our Next Energy (ONE) (Novi, Michigan), which was founded in 2020, is in the early phases of a $1.6 billion renovation of its EV battery-manufacturing plant in Van Buren Township that will allow the facility to manufacture up to 200,000 EV battery packs annually.
ONE announced earlier this month that one of the products manufactured at its Van Buren facility, the Aries battery, will be used in The Shyft Group Incorporated's (NASDAQ:SHYF) Blue Arc Class 5 EVs. Mujeeb Ijaz, the chief executive officer of ONE, noted this marks ONE's 10th supply agreement since 2021. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can learn more in a detailed project report.
Foreign-owned companies also play a major role in Michigan's rapidly growing EV battery market. Gotion Incorporated, a subsidiary of Guoxuan Hi-Tech Company Limited (Hefei, China), is hoping to begin work on the first phase of an EV battery plant in Big Rapids, while Magna International Incorporated (Aurora, Ontario) is preparing for a first-phase expansion of its EV battery plant in Saint Clair. Subscribers can read detailed reports on the Big Rapids and Saint Clair projects.
Other states with major EV battery project kickoffs on the horizon include New York, where Electrovaya (TSX:EFL) (Mississauga, Ontario), which was founded in 1996 and has been publicly traded for more than 20 years, is preparing for a $75 million renovation of its Ellicott Lithium-Ion Cells & Batteries Plant in Jamestown. Industry titan Hyundai Motor Group (South Korea) is planning a $205.5 million EV battery plant addition at its campus in Montgomery, Alabama, which historically has focused on front and rear chassis modules. Subscribers can read detailed reports on the Jamestown and Montgomery projects.
Alabama has become a top destination for foreign-based automakers, who have responded warmly to the state's labor and taxation policies. Its more traditional automotive facilities also are getting tune-ups: Toyota Motor Corporation (NYSE:TM) (Aichi, Japan) is preparing for a $222 million expansion of its car and truck engine-manufacturing plant in Huntsville, which produces both combustion and hybrid-electric four-cylinder engines. Subscribers can learn more from Industrial Info's detailed project report.
Not to be outdone, Ford is expanding one of its major facilities with the addition of an EV line at its assembly plant in Avon Lake, Ohio, which the state bolstered last year with a 30-year tax credit worth $70 million. On top of that, JobsOhio, the state's private economic development arm, pitched in $135 million worth of grants. Subscribers can learn more from Industrial Info's detailed project report.
And of course, there's Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas). Elon Musk's company is planning a $124 million expansion of two assembly buildings at its Cybertruck Gigafactory in Austin, Texas. The addition is expected to increase capacity at the complex, which currently produces 2,000 to 5,000 vehicles per week, by more than 11%. It's hardly a surprising decision: The Cybertruck already boasts more than 1.5 million pre-orders worldwide. Subscribers can learn more from Industrial Info's detailed 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 reports for active automotive projects set to begin construction across the U.S. in second-quarter 2023.
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).
