EV market share doubled in Southeast this year

If you see more electric vehicles across the southern United States, it’s not just you. According to the annual Transportation Electrification in Southeast report, the EV market share in the region has more than doubled over the past year. Tesla And Hyundai to lead And, perhaps more important, the growth of the industry is bringing new jobs to the sector.

The Southeast (Florida, Alabama, Georgia, North Carolina, South Carolina and Tennessee) has become an important auto manufacturing hub. Several major automakers, including mercedes benz, PayabAnd bmwCall Southeast home for some of their work.

Automakers are transitioning from the Motor City to the Sun Belt because of the region’s advantage. It is close to the coast, making it easy to export; It offers huge space; And it is less expensive.

Both EV startups and veteran automakers are investing heavily in this space. In fact, the Southeast has generated nearly $33 billion in planned investments and is expected to eventually house a third of the nation’s EV manufacturing jobs.

For example, the top five EV manufacturing investments in this sector based on the number of jobs created are:

  1. Hyundai signed an agreement To invest $6.54 billion in a new EV and battery manufacturing plant in Georgia in May 2022, creating about 8,100 jobs.
  2. Rivian announced in December 2021 that it would be manufacturing a $5 billion EV plant Established approximately 7,500 new positions outside of Atlanta, Georgia.
  3. winfast Unveils plans for a $2 billion EV manufacturing plant in North Carolina, creating 7,000 jobs.
  4. Ford and SK Innovation created nearly 6,000 new jobs with their $5.6 billion Blue Oval City mega-campus, where the next generation of electric F-Series trucks and batteries will be built.
  5. SK Innovation It spent $2.61 billion in 2020 to build its second US factory, creating an additional 2,600 jobs.

These investments are bringing in significant money to the region as sales of electric vehicles continue to grow in the Southeast.

Southeast-EV-Market-Share-1
Hyundai IONIQ 5 Source: Hyundai

Tesla holds its lead on Southeast EV market share

In the second quarter, Southeast’s EV market share doubled from 2.5% in July 2021 to 5% in July 2022, according to Report, Florida led the sector with a 6% EV market share, while Georgia and North Carolina trailed at 5%. 2.1% in Alabama (even though) It Believes It Will Be An EV Hub,

Tesla maintained its commanding lead, accounting for 57% of total EV sales in the Southeast. Hyundai is on the second spot after seeing a jump in sales from the Ioniq 5 and Kia’s EV6. Volkswagen, BMW, General Motors and Ford also saw growth in the sector.

Driving the growth in EV sales is higher availability (Georgia leads the trend with 57 EV models available), new incentives, and better access to charging.

Electrek’s Tech

Although the Southeast lags behind the rest of the country (7% EV market share), reaching the 5% threshold is an important milestone. according to a bloomberg study In countries that measure electric vehicle sales, reaching 5% EV market share could signal the beginning of mass adoption.

Will there be mass adoption of EVs in the Southeast? So far, policy-wise, many Southeast states are lagging behind some of the highest registration fees for electric vehicles and the lowest levels of per capita funding for electric transportation.

With so much investment and opportunities coming into the region, however, electric vehicles offer great potential for the Southeast. I expect EV adoption to continue to accelerate from here as more models become available and new incentives continue to roll out.

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