It’s Electric! The Expanding Electric Vehicle Manufacturing Market
Since the beginning, AtomTech™ has been involved in electric vehicle manufacturing. Not only does this mean that we’ve been able to build strong relationships within the industry, it also means that we have a keen interest in the progression surrounding it. So, dive in with us as we check on the latest status of this developing market.
The Rise of EV Manufacturing in the U.S.
Firstly, it’s clear that investing in electric vehicles manufacturing is growing in popularity. And this trend is ready to take hold in the United States. According to an Atlas Public Policy report commissioned by NRDC, the U.S. is positioned to pass China in global investments for electric vehicle and battery manufacturing for the first time. This unprecedented rise is boosted by $210 billion that companies intend to put into the industry and the $245 billion of federal funding that the American government has allocated for EVs, batteries and charging stations.
Researchers behind the report also project that automakers and battery manufacturers will dedicate billions in order to expand proper facilities across the U.S. States such as Georgia, Kentucky and our very own Michicgan are already establishing themselves as manufacturing hubs. Local news network, WWMT, reports that Michigan was home to over $14 billion in EV investments in 2022. This increase coincides with the building consumer demand. As Camila Domonoske writes for NPR, “Automakers are preparing for electric vehicles, currently around 6% of new vehicle sales in the United States, to conquer a huge share of the market in just a few years.”
The Need for Security Conscious Manufacturing
As this market booms, it is essential that smart security strategies are prioritized. It’s one thing to construct the operations that will serve as a foundation for the industry. It’s another to develop ones that will sustain the evolving tech and conditions of the environment that EVs exist in. A part of this is paying attention to the current affairs that could impact supporting sectors, namely cybersecurity. While the war in Ukraine has demonstrated the cyber vulnerabilities of electrical infrastructure, recent physical attacks on substations in Washington and North Carolina have also reflected the type of damage that could result from a cyberattack.
If you’re searching for a partner that can help you both take advantage of the expanding EV industry and do so in a streamlined and secure way, we encourage you to reach out to our AtomTech team.
Sources
“U.S. Races Ahead in EV Manufacturing Investments” - Simon Mui, NRDC
https://www.nrdc.org/experts/simon-mui/us-races-ahead-ev-manufacturing-investments
“Michigan set to 'dominate' electric vehicle battery manufacturing by 2030” - Katie Sergent, WWMT
https://wwmt.com/news/local/michigan-electric-car-vehicle-manufacturing-2030-gretchen-whitmer-governor-detroit-batteries-charging-green
“2022 was a big year for EV battery plants in the U.S. How big? $73 billion big” - Camila Domonoske, NPR
https://www.npr.org/2022/12/30/1145844885/2022-ev-battery-plants
“2023 Outlook: US power sector trends to watch” - Utility Dive
https://www.utilitydive.com/news/2023-us-power-sector-trends-renewables-reliability-FERC-cybersecurity-hydrogen-nuclear-storage-EVs/640307/