Source: EV Jobs Hub
The image above visualizes announced automaker investments in EVs in the United States between 1/1/2024 and 4/29/2024.
In 2024, electric vehicles (EVs) have taken center stage. The news cycle has been dominated by discussions surrounding EV sales, Trump rallying against EVs, and the Environmental Protection Agency’s (EPA’s) recent release of final emissions standards for light, medium, and heavy-duty vehicles in the U.S.
All the political noise has overshadowed announcements from the auto industry that continue to roll in. So far in 2024, automakers have announced nearly $7 billion in investments for the domestic production of EVs and their batteries – potentially qualifying their products to meet the tax credit incentives authorized by the Inflation Reduction Act (IRA). These investments are slated to create nearly 5,000 manufacturing jobs. It is worth noting that total announced investment in Q1 was down from 2022 and 2023. All these investments are tracked on EV Jobs Hub.
Here are three significant announcements we have seen so far this year.
Accelera by Cummins, Daimler Truck, EVE Energy and PACCAR: Accelera, Daimler Truck, EVE Energy, and PACCAR, announced on January 18th, 2024, that they chose Marshall County, Mississippi, as the location for a joint venture in battery cell manufacturing for commercial battery-electric trucks. This $2.5 billion venture is projected to bring about over 2,000 manufacturing jobs to the state. Each company will own 30 percent of the joint venture, while EVE Energy will own 10 percent. Per EV Jobs Hub, Nissan is the only other company that has announced EV investments in Mississippi.
Toyota: On February 6, 2024, Toyota announced a $1.3 billion investment at its facility in Kentucky. The company said the funds will go towards future electrification efforts as well as the assembly of an all-new three-row battery electric SUV in the U.S. According to the press release, Toyota’s total investment (including for internal combustion engines) in the state of Kentucky is now nearly $10 billion. And just last week, the automaker announced a new $1.4 billion investment in its Princeton facility in Indiana for BEV production, creating up to 340 new jobs.
Envision AESC Group: On March 26th, 2024, Envision AESC group announced $1.5 billion to expand its lithium-ion EV battery manufacturing operations in Florence County, South Carolina, creating 1,080 new jobs and bringing the total investment in the site to $3.12 billion. AESC’s investment boosts the Southeast’s EV footprint, which leads all other regions in the U.S. with a total of $77 billion announced by companies to date.
Not mentioned here is the announcement from Honda just last week that it will invest an enormous $11 billion in a facility in Ontario, Canada, to produce electric vehicles.
With increasing policy incentives and consumer demand for EVs, automakers are poised to invest even more in EVs throughout the rest of the year.
Visit the EV Jobs Hub for more analysis of the EV manufacturing sector in the U.S.
