The Impact of the November Election on the Auto Industry: Navigating a Revolutionary Transition
September 30, 2024
Editor's Note: This article is part of Area Development's Auto/Aero Special Report in the Q3 2024 issue. It was commissioned and edited by Dennis Cuneo who served as guest editor for this special coverage.
The automotive industry is experiencing its most profound transformation since Henry Ford introduced the assembly line, and this has implications for state and local economic developers. The rapid shift from internal combustion engines (ICE) to electric vehicles (EV) is a global phenomenon. Last year, nearly 1 in 5 new vehicles sold around the globe were electric, led by China where 8 million new EVs were sold. The pace of EV adoption in the U.S. is slower, but still significant, being driven by federal mandates and incentives aimed at accelerating the adoption of cleaner technologies. The upcoming November election will significantly impact the auto industry in America, shaping how it navigates this monumental transition.