March 28, 2023
Source: Clean Energy
The Southeast electric vehicle market continues growing even as supportive public policies are lagging. But the policy landscape may change as over 40% of the nation’s EV and supply chain investment has poured into the region, heating competition among states.
In most of the country, the electric buzz is about vehicle sales breaking records as the competition among automakers to deliver desirable and affordable models heats up. But here in the Southeast United States, the biggest quarterly EV market question is not how many EVs were sold – which lately has been a lot – but which state landed the latest multibillion-dollar investment in EV-related manufacturing.
The last two quarters of 2022 were dizzying, with Georgia announcing a series of significant EV manufacturing investments from Hyundai/SK Innovation and FREYR Battery totaling $6.7 billion, North Carolina landing a $5 billion investment from semiconductor company Wolfspeed, South Carolina picking up investments from BMW, battery manufacturer and recycler Redwood Materials, and battery manufacturer Envision AESC totaling $6.3 billion, and Tennessee landing investments from Volkswagen and battery manufacturer LG Chem totaling $4 billion.