A company in the electric vehicle supply chain proposing a huge new plant in Southeast Tennessee on Thursday said the investment has risen by about a third to $800 million.
America only has capacity to produce a fraction of a key component for batteries that automakers will need to power the surge of electric vehicles slated to hit the streets this decade, an official for a manufacturer said.
Electric vehicles are the fastest-growing segment of the U.S. auto market as the number of EVs sold in 2022 was 65% higher than the prior year, figures show.
A company in the electric vehicle supply chain that s making one of the biggest-ever single investments in Southeast Tennessee has won a $75-million commitment from a battery component producer.