Driven by government incentives and a race among automakers to grab market share, the electric vehicle industry is set to fuel demand for industrial real estate for years to come, predicts CRE research firm YardiMatrix.
North America has become more attractive as a market due to the more than $400bn in clean energy incentives being rolled out by the Biden administration. Major automakers including BMW, Ford, Hyundai, Honda, Mercedes, VW, Tesla and Toyota have announced plans to produce EVs or batteries since the US Inflation Reduction Act brought in the subsidies, which require that the vehicles be made mostly in the US and exclude materials from certain countries such as China.
The CHIPS and Science Act, additionally, incentivizes domestic production of semiconductors, a key component in EVs.
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