After plugging along for more than a century, the internal combustion engine (“ICE”) vehicle is finally being retired. Several countries around the world have pledged to replace the vehicles with zero-emission battery electric vehicles (“BEVs”) over the next decade or two. The industry is still pretty young, however, with electric vehicles (“EVs”) making up only 3% of all the vehicles on the globe.
Fortunately, most industry experts predict increased electric vehicle sales as the automobiles become more affordable. The state of Georgia is poised to play a major role in the EV space. According to the International Energy Agency, electric vehicles worldwide will hit 116 million units in 2030, up from 8.5 million and making up nearly 60% of all miles traveled by passenger vehicles. If Georgia plays its cards right and has some luck on its side as well, it may well become a major player in the country’s young but fast-growing EV industry.
Economic Development Commissioner Pat Wilson says Georgia is in talks with several companies to create an electric vehicle ecosystem in the state. Although he didn’t identify the specific companies, he said their facilities would be doing everything from making cathodes to recycling raw materials in old batteries to make new ones.
Georgia is also home to one of the largest economic development projects in state history, which will see South Korean firm SK Innovation build a $2.6 billion factory in the state. The massive plant will manufacture and sell electric vehicle batteries to Volkswagen and Ford. The state of Georgia provided incentives totaling $300 million, including grants and free land, to snag the SK Innovation deal.
Eric Tanenblatt, who serves as the global chair of public policy and regulation at law firm Dentons, says that at the moment, Georgia is in a “great place.” On several occasions, Site Selection has ranked Georgia as the top state in the country to do business. Additionally, the state has a proven track record when it comes to recruiting automotive companies, said Tom Harrold, an economic lawyer at Miller & Martin.
On top of that, Georgia’s relatively central location makes it the perfect place for companies looking for quick access to the rest of the country. Suppliers who pitch tents in Georgia will have access to Mercedes-Benz in Alabama, Volkswagen in Tennessee and BMW in South Carolina. It also has extensive rail and trucking connections as well as the Port of Savannah, providing suppliers with a greater distribution network.
However, with the EV sector growing at an unprecedented rate, Georgia is sure to have competition from plenty of other states. If it plays its cards right, Georgia could do for the electric vehicle industry what the Midwest did for the internal combustion engine.
The rapid growth of the electric vehicle industry has attracted the attention of plenty of companies, including those that operate in different sectors. An example is Net Element (NASDAQ: NETE), which is a global provider of value-added financial solutions. The company is set to enter the EV market once its proposed merger with Mullen Technologies Inc. is finalized.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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