In recent months, several major automakers have announced plans to slow their transition to electric vehicles. Last week, Volvo said it wouldn’t move as quickly as planned to an all-EV lineup while over the summer, both GM and Ford said they would delay their introductions of previously announced models.
As Time writes, these steps often come at a steep cost for the companies as they adjust multibillion dollar spending plans and, in some cases, write down their losses. The transition also weighs even greater on the thousands of companies that directly or indirectly supply automakers.
These companies, which typically operate with less access to capital than major car manufacturers, can struggle to change their business overnight and are left to interpret a constantly evolving set of tea leaves about the speed of the transition.
The evolution of the industry is especially of interest to Louisiana, where to date, some seven projects totaling nearly $2.8 billion have been announced to manufacture materials for EV batteries.
Read the full story, and check out a recent Business Report cover package about the industry’s impact on south Louisiana.
