Shift to EVs Triggers Biggest Auto-Factory Building Boom in Decades

Wall Street Journal
January 13, 2023
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Funding pledges for over $33 billion in new auto-factory investment took place throughout 2021, signifying a large bet on electrification and the manufacturing of EV components. Despite indicators of a looming recession, economic and manufacturing leaders are confident these investments will be instrumental in the manufacturing future of the U.S.

The U.S. auto industry is entering one of its biggest factory-building booms in years, a surge of spending largely driven by the shift to electric vehicles and new federal subsidies aimed at boosting U.S. battery manufacturing.

Through November, about $33 billion in new auto-factory investment has been pledged in the U.S., including money for the construction of new assembly plants and battery-making facilities, according to the Center for Automotive Research, a nonprofit organization based in Michigan.

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Wall Street Journal
Wall Street Journal

The Wall Street Journal is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The Journal, along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp.

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