The electric vehicle market share in the Southeast has doubled this year

If you see more electric cars across the southern United States, you’re not alone. According to the annual Transportation Electrification Report in the Southeast Report, the electric vehicle market share in the region has doubled from last year Tesla And the Hyundai lead the way. And perhaps most importantly, the growth of the industry is bringing new jobs to the region.

The Southeast region (Florida, Alabama, Georgia, North Carolina, South Carolina, and Tennessee) has grown into an important automobile manufacturing center. Many prominent automakers, including Mercedes BenzAnd the strongholdAnd the BMWCall the southeast home for some of their operations.

Automakers are moving from the motor city to the sunbelt because of the region’s benefits. It is closer to the coast, which facilitates the export process; They offer a lot of space and tend to be less expensive.

Electric vehicle startups and vintage car makers are investing heavily in the region. In fact, the Southeast has received nearly $33 billion in planned investment and is expected to eventually house a third of the nation’s electric vehicle manufacturing jobs.

To illustrate, here are the top five electric vehicle manufacturing investments coming to the region ranked by number of jobs created:

  1. Hyundai signed an agreement In May 2022 to invest $6.54 billion in a new electric vehicle and battery plant in Georgia, creating about 8,100 jobs.
  2. Rivian announced in December 2021 that it will build a 5 billion dollar electric vehicle factory Outside Atlanta, Georgia, about 7,500 new jobs are created.
  3. VinFast It revealed plans for a $2 billion electric vehicle plant in North Carolina, creating 7,000 jobs.
  4. Ford and SK Innovation have created about 6,000 new jobs through the massive $5.6 billion Blue Oval City campus, where the next generation of F Series electric trucks and batteries will be built.
  5. SK . innovation It spent $2.61 billion in 2020 to build its second plant in the United States, creating 2,600 additional jobs.

These investments bring significant cash to the region as sales of electric vehicles continue to rise across the Southeast.

Southeast electric vehicle market share 1
Hyundai Ioniq 5 Source: Hyundai

Tesla leads the electric car market in Southeast Asia

In the second quarter, the Southeast electric vehicle market share doubled from 2.5% in July 2021 to 5% in July 2022, according to the report. Florida led the region with a 6% market share for electric vehicles, while Georgia and North Carolina slipped 5%. Alabama ranked last at 2.1% (although Do you think it will be a hub for electric vehicles).

Tesla maintained its lead with 57% of all electric vehicle sales in the Southeast. Hyundai came in second place after seeing an increase in sales of the Ioniq 5 and Kia EV6. Volkswagen, BMW, General Motors and Ford also experienced growth in the region.

Supporting electric vehicle sales growth is higher availability (Georgia is leading the trend with 57 models of electric vehicles available), new incentives, and improved charging access.

Take Electric

Although the Southeast trails the rest of the nation (7% market share for electric vehicles), hitting the 5% threshold is a milestone. according to Bloomberg Study Which evaluates electric vehicle sales in countries, which are up to 5% market share for electric vehicles, could signal the start of mass adoption.

Will electric vehicles be widely adopted in the Southeast? So far, in terms of politics, many Southeast states lag with some of the highest registration fees for electric vehicles and the lowest levels of per capita funding for electric transportation.

With plenty of investment and opportunity in the area, though, electric vehicles offer great potential for the Southeast. I expect the adoption of electric vehicles will continue to accelerate from here as more models become available and new incentives continue to be introduced.

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