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Car manufacturers and suppliers They’re breaking ground on battery factories across the United States as they race to get all EVs in by the end of the decade.
Auto companies and suppliers such as LG Energy, SK Innovation, Panasonic and Samsung are investing more than $38 billion by 2026 to boost battery production in the US, according to AlixPartners. In July, Kansas and North Carolina each announced the largest economic development projects in their history, and Ford finalized deals to bring its battery products to Tennessee and Kentucky.
This is the start of offshore battery manufacturing: The Deinflation Act includes tax credits to encourage domestic production of electric vehicles and batteries, and provides $30 billion in loans to manufacturers to speed up production of batteries and mining processes. such as solar panels and wind turbines, and $10 billion to build EV and solar panel plants.
The previously announced multi-year projects won’t begin producing batteries for EVs for decades, but shortening the supply chain will ultimately help manufacturers control costs and reduce dependence on foreign sources for raw materials. Building a domestic battery industry will allow automakers to be near partners, which is critical as the industry begins to experiment with different battery chemistries.
Arun Kumar, Managing Director, Automotive, AlixPartners, says, “That way you’re always in a feedback loop that allows you to have constant leverage and to be in touch with the market and re-engineer. and industrial practice.
“Imagine you’ve got all the engineering, design, marketing and sales, but you don’t have enough lithium-ion batteries to make and sell those vehicles,” Kumar added. “If you’re down after two years, you’re as good as gone because then you struggle with trying to capture the market.”
Check out some of the major projects here.
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