US auto production shifts south
Electric vehicle and battery manufacturers are investing in new factories.
The focus of US auto production is shifting south, with manufacturers of electric vehicles and batteries planning to invest nearly $ 24 billion in new factories from Arizona to Georgia.
The following plants and investments have already been announced:
ARIZONA
Startup Lucid Motors has just opened a $ 300 million electric vehicle assembly plant in Casa Grande, halfway between Phoenix and Tucson. According to the company, future expansion plans could bring the total investment up to $ 1 billion.
Nikola Corp. is planning a $ 600 million plant in Coolidge, not far from Casa Grande, for the construction of electric trucks with fuel cell drives.
TEXAS
Tesla (Nasdaq: TSLA) Inc. is close to completing its $ 1.1 billion assembly and battery facility outside of Austin and has announced that it will relocate its headquarters from California to Texas.
TENNESSEE
German automaker Volkswagen AG (OTC: VWAGY) invested another $ 800 million in its Chattanooga plant to build electric vehicles there, and started the ID.4 earlier this year.
Ford Motor (NYSE: F) Co is building a huge vehicle and battery assembly complex in Stanton, outside Memphis, with partner SK Innovation Co. The $ 5.6 billion "Blue Oval City" is to open in 2025 and produce the next generation of the F-150 Lightning pickup.
General Motors Co (NYSE: GM), together with its partner LG Energy Solution, a unit of LG Chem, is investing $ 4.3 billion to build an electric vehicle assembly plant and battery factory in Spring Hill. The plant will produce the Cadillac Lyriq in 2022 and two vehicles for Honda Motor Co and its Acura brand in 2024.
KENTUCKY
Ford and SKI are investing $ 5.8 billion to build two battery plants in Glendale, near Louisville, due to open between 2025 and 2026.
ALABAMA
Toyota Motor (NYSE: TM) Corp and its partner Mazda Motor (OTC: MZDAY) Corp have opened their $ 2.3 billion facility near Huntsville and expect to be manufacturing electric vehicles there in the near future.
GEORGIA
SKI is investing $ 2.6 billion in two battery plants in Commerce, outside of Atlanta, the first of which is slated to open in 2022.
OKLAHOMA
Start-up Canoo Inc. has agreed to build a $ 500 million plant in Pryor, outside Tulsa, that will manufacture a range of electric vehicles from 2023.