Yes, Carol. South Carolina businesses are finding ways to balance innovation and demand. And if they can reach that great point, it will further sustain South Carolina as an automotive powerhouse in the industry. With Michelin, BMW, and Volvo playing major roles in South Carolina's economy, the state is on the cutting edge of the auto industry, investing in new technologies such as electric vehicles, and electric vehicles are gaining ground in the market. It's something that exists. It's recognized all over the world and here in South Carolina as well. We want to keep all doors open for that. However, demand for EVS is declining in 2023, especially in the US, and experts say that may not change soon. The contraction in demand is likely to continue until 2024, simply because interest rates remain high. The cost of borrowing money is still high and we are still seeing relatively high inflation due to demand and mass adoption of such technology, but it all depends on several factors including infrastructure and cost. Instead of making changes, some manufacturers like GM and Ford are retreating from electric vehicles, slowing production and laying off workers upstate. BMW is doing things differently. They are working on producing six new electric car models by 2030. They've already built a new electric battery factory in Woodruff and invested millions of dollars in new technology, but instead of putting the pedal to the metal, BMW Rich always says. ”Not all of your eggs will go into the EV basket. What happens in the future depends entirely on if you as a company decide to concentrate everything on one drivetrain variant. And with its battery factory scheduled to be operational in 2026, Woodruff will continue to help BMW and other companies here in South Carolina determine the future of our state's roads and highways.
South Carolina and BMW are investing in the future as some people leave electric cars on the back burner
Updated: February 14, 2024 6:56 PM ET
Companies like Michelin, BMW, and Volvo play major roles in South Carolina's economy, and the state is on the cutting edge of the auto industry and investing in new technologies such as electric vehicles. “Electric vehicles are here to stay,” said Governor Henry McMaster. “Electric vehicles are here to stay. Around the world, electric vehicles are seen as the I want to open it up,'' he said at the Southern Conference. Carolina Automobile Council on Wednesday But in 2023, demand for EVs (electric vehicles) will decline, especially in the United States, and that may not change soon, experts say. “The taper in demand is likely to continue through 2024,” said Joseph von Nessen, a research economist at the University of South Carolina. “The simple reason is that interest rates are still rising, borrowing costs are high, and we still see relatively high inflation.” It will likely depend on infrastructure, he said. Instead of adapting, some manufacturers like GM and Ford are putting electric vehicles on the back burner, slowing production and laying off workers. In the northern states, BMW is taking a different path. They are committed to producing six new electric vehicle models by 2030. They have already built a new battery factory in Woodruff and are investing millions of dollars in new technology. But rather than focusing solely on EVs, BMW is expanding its investments into electric, hybrid and gasoline vehicles, said Rich Everly, BMW's vice president of Woodruff battery planning. “As a company, if we decide to put all our efforts into one variation of the drivetrain, it depends entirely on what happens in the future,” he said. That battery factory, which he plans to be operational in 2026, could determine South Carolina's future. The road and beyond.
Companies like Michelin, BMW, and Volvo play major roles in South Carolina's economy, and the state is on the cutting edge of the auto industry and investing in new technologies such as electric vehicles.
“Electric vehicles are here to stay,” said Governor Henry McMaster. “Electric vehicles are here to stay. Around the world, electric vehicles are seen as the I want to open it up,'' he said at the Southern Conference. Wednesday at the Carolina Automobile Council.
But experts say demand for EVs (electric vehicles) will decline in 2023, especially in the US, and that may not change soon.
“The taper in demand is likely to continue through 2024,” said Joseph von Nessen, a research economist at the University of South Carolina. “The simple reason is that interest rates are still rising, borrowing costs are high and we still see relatively high inflation.”
He said demand and mass adoption of electric vehicles will most likely depend on infrastructure, cost, inflation and convenience.
Instead of adapting, some manufacturers like GM and Ford are putting electric vehicles on the back burner, slowing production and laying off workers.
In the northern states, BMW is taking a different path. They are committed to producing six new electric vehicle models by 2030. They have already built a new battery factory in Woodruff and are investing millions of dollars in new technology.
But rather than focusing solely on EVs, BMW is expanding its investments into electric, hybrid and gasoline vehicles, said Rich Everly, BMW's vice president of Woodruff battery planning.
“If we, as a company, decide to go all-in on one variation of a drivetrain, we are completely dependent on what happens in the future,” he said.
The battery factory is scheduled to begin operations in 2026 and could determine the future of roads in South Carolina and beyond.
