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Project(s): View 4 related projects in PECWeb
Plant(s): View 4 related plants in PECWeb
Released July 16, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--There's still time to RSVP for Industrial Info's complimentary webinar on the global automotive sector, which will be held tomorrow, July 17, at 10 a.m. CDT (11 a.m. EDT). The webinar will outline the massive changes that have been affecting the industry over the past few years and discuss where these trends might take us in the future.
The automotive sector continues to be one of the highest spending and most consistent sectors in terms of annual spending globally. The conversion from internal combustion engines (ICEs) to electric vehicles (EVs) is ongoing, and investment in new battery facilities as well as parts and assembly plants is growing. Industrial Info is tracking more than $176 billion worth of automotive projects currently under construction throughout the world, including more than $91 billion worth in North America. Many of these, and certainly the largest, are for the manufacture of EVs and their batteries and component parts.
With government tax credits supporting EV development throughout the world, many companies are setting up shop where they gain the most from these subsidies. The Inflation Reduction Act (IRA) passed in the U.S. in August of 2022, for example, provides billions of dollars' worth of incentives to EV, battery and component developers, and companies are spending billions. Earlier this month, the U.S. Department of Energy (DOE) awarded $1.7 billion in IRA funds to U.S. automotive manufacturing facilities from nine companies. For further information, see July 15, 2024, article - DOE Awards 11 U.S. Auto Industry Plants with $1.7 Billion.
Among the companies receiving these funds was Mobis North America LLC, a subsidiary of Hyundai Motor Company (Seoul, South Korea), for an EV battery-assembly plant in Toledo, Ohio. This project is dwarfed in size by Hyundai's spending in Georgia, which amounts to $18 billion for an EV assembly plant and two battery plants, and keep in mind that's just one company. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can learn more by viewing the project reports on the Ohio and Georgia projects.
However, the sector also is showing signs of slowed activity on the road to electric conversion, with the growth rate of EV sales slowing. Join us as we take a look at the current automotive sector and where and when it will grow, as well as the important trends that are driving both the conversion to EVs and the spending we are seeing planned for the future.
We hope that you are able to join us for this timely and informative webinar! Click here to learn more and to RSVP.
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 over 200,000 current and future projects worth $17.8 trillion (USD).
The automotive sector continues to be one of the highest spending and most consistent sectors in terms of annual spending globally. The conversion from internal combustion engines (ICEs) to electric vehicles (EVs) is ongoing, and investment in new battery facilities as well as parts and assembly plants is growing. Industrial Info is tracking more than $176 billion worth of automotive projects currently under construction throughout the world, including more than $91 billion worth in North America. Many of these, and certainly the largest, are for the manufacture of EVs and their batteries and component parts.
With government tax credits supporting EV development throughout the world, many companies are setting up shop where they gain the most from these subsidies. The Inflation Reduction Act (IRA) passed in the U.S. in August of 2022, for example, provides billions of dollars' worth of incentives to EV, battery and component developers, and companies are spending billions. Earlier this month, the U.S. Department of Energy (DOE) awarded $1.7 billion in IRA funds to U.S. automotive manufacturing facilities from nine companies. For further information, see July 15, 2024, article - DOE Awards 11 U.S. Auto Industry Plants with $1.7 Billion.
Among the companies receiving these funds was Mobis North America LLC, a subsidiary of Hyundai Motor Company (Seoul, South Korea), for an EV battery-assembly plant in Toledo, Ohio. This project is dwarfed in size by Hyundai's spending in Georgia, which amounts to $18 billion for an EV assembly plant and two battery plants, and keep in mind that's just one company. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can learn more by viewing the project reports on the Ohio and Georgia projects.
However, the sector also is showing signs of slowed activity on the road to electric conversion, with the growth rate of EV sales slowing. Join us as we take a look at the current automotive sector and where and when it will grow, as well as the important trends that are driving both the conversion to EVs and the spending we are seeing planned for the future.
We hope that you are able to join us for this timely and informative webinar! Click here to learn more and to RSVP.
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 over 200,000 current and future projects worth $17.8 trillion (USD).
