Kia Announced Plan S, Allocating $25B to EV Development
Kia Motors Corporation has announced today details of ‘Plan S’,...
2017 was an exciting year for Essex to foster vehicle electrification in North America. The EV and HEV markets collectively grew by 10.8%, with battery electrics showing the most growth, at 24%1. Essex EV and HEV business increased by more than 25% last year. Supporting these platforms, Essex holds a strong position in magnet wire for traction motors. This year looks to be just as strong with substantial growth in plug-in electric vehicles. This sector is projected to double in North American sales in 20182. Essex has existing and new products under development, capability and capacity to meet the needs of this growing market.
Spotlight on Automotive for the Next Generation and Beyond
Helping to enable the continuing market growth in electric vehicles (EVs) is the extension of the $7,500 federal tax credit and some additional state-level subsidies for EVs. These incentives have reduced the net cost of EVs and are helping drive consistent growth year over year of 20-25% in Battery Electric Vehicles. This growth is projected to drive close to 1 Million EVs3 onto the streets of North America in 2025. Essex is ready to meet this challenge.
Traction motors continue to be the primary area of focus in the EV/HEV product. Essex continues to be a leading supplier of winding wire for electric traction motors for the automotive industry today. The company’s success in this area is directly attributed to its investments in research and development and focus on quality. Today Essex is leveraging its close customer partnerships, working to support EV and HEV traction motors with even greater speed and efficiency as in the past.
As the growth in electrification continues in automotive, Essex continues to facilitate future advancements and technologies, specifically in the area of autonomous vehicles. The Green Car Congress projects that close to Five million autonomous-capable vehicles will be sold in North America in 20304. This growth requires focused support on motion activation technologies built using leading edge magnet wire. Essex is best positioned to supply this market, leveraging its experience in protecting against thermal and environmental conditions. The company is committed to working closely with its customers, ensuring greater supply and a higher level of quality.
Essex continues to be poised at serving the autonomous vehicle, EV and HEV markets in North America with its products, new developments, capacity and capabilities in automotive magnet wire. The company continues to strengthen its supply for the automotive market throughout North America, working closely with its customers, offering focused support on future automotive applications.
Navigant Research, June 2016
UBS Global Research 18 May 2017
IHS Markit forecast, January 2, 2018