Electric vehicles are finding their place in nearly every OEM production line this year. EV development is the source of major facility investments across the country and has led to many recent acquisitions and joint ventures. 

In April 2022 alone, 21 EV investment projects were announced in the U.S. totaling $11.9 billion. 10 of these investments will establish new manufacturing facilities, while 11 more are facility expansions. Other notable recent projects from large companies include Panasonic, VinFast, GM, Hyundai and more.

With consumers’ continued commitment to sustainability, car manufacturers are making strides to become fully electric and publicly declaring their timelines for electrification or carbon neutrality. 

Unique tech partnerships and acquisitions are increasing, and it’s likely to see these partnerships continue as OEMs seek expertise and human capital from other entities to carry out their electric operations. Recent notable partnerships include Sony and Honda, Hyundai and Michelin, Blink Charging and SemaConnect, as well as GM and Red Hat, among many others.

As more EVs enter the market, this innovative collaboration will continue as the need for a consistent charging infrastructure increases. Brand agnostic plugs and hardware, as well as continued research and investment in battery recycling technology, are at the forefront of EV innovation. The exponential growth in terms of vehicle sales and investments makes it clear that the EV industry will continue to be prosperous in coming years.