EV boom sparks new supply base in MichiganNovember 29, 2021
Nov. 29, 2021
The multi-billion-dollar commitments of automakers and their suppliers to an electric vehicle future has spurred a battery-powered gold rush in Southeast Michigan.
Vehicles with a battery core as opposed to an internal combustion engine require a new kind of supply base and pose a unique set of challenges, from combustibility and safety issues to longevity and range concerns.
The supplier with a solution stands to cash in on the industry’s new direction. Many are hoping to seize on the opportunity by expanding their scope of business and placing big bets on products and services.
Automakers are poised to spend more than $300 billion to shift production to EVs over the next five years, according to consulting firm AlixPartners LP. General Motors Co., Ford Motor Co. and Stellantis NV have said they aim for up to 50 percent of new car sales to be EVs by 2030.
His company, Ann Arbor-based Pacific Industrial Development Corp., started in 1992 as an importer of rare earth metals from China. It has grown into a major manufacturer of catalyst chemicals for the automotive and petrochemical industries.