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Administration Pledges More than $100 Million to Support Automotive-Parts Suppliers

May 15, 2024
Administration Pledges More than $100 Million to Support Automotive-Parts Suppliers
Announced May 6 by Vice President Harris, in concert with Governor Gretchen Whitmer, Secretary of Energy Jennifer Granholm, and Acting Secretary of Labor Julie Su: new funding and resources for small- and medium-sized auto manufacturers to expand or retool manufacturing facilities. Included is $50 million set aside by the Department of Energy (DoE) to help suppliers convert from manufacturing internal-combustion-engine parts to manufacturing parts for the electric-vehicle (EV) market.  The DoE also will set aside another $50 million to help suppliers kickstart manufacturing diversification and conversion projects.

These announcements come on the heels of the DoE making available $24 million in grants for EV and other clean-energy and advanced-manufacturing workforce-training initiatives.
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Driving Progress: Xometry's 2024 Automotive Manufacturing Industry Survey
Xometry’s latest survey of automotive-industry professionals forecasts several automotive-manufacturing trends. Among key findings: 
  • More than two-thirds of the automotive industry surveyed expect their companies to grow in 2024.
  • Automotive job opportunities will expand in 2024 as 15% of those surveyed plan to increase their workforces within the next year.
The percentage of CEOs who have reshored or are in the process of reshoring rose from 35% in Q2 2023 to 76% in Q4.
Register for PMA’s September Automotive Parts Suppliers Conference in Michigan
Registration has opened for the Precision Metalforming Association’s 31st Automotive Parts Suppliers Conference (APSC), set for September 11-12, 2024, at Auburn Hills Marriott Pontiac in Pontiac, MI.
The APSC 2024 agenda features two days of educational sessions, networking and discussions on the latest advancements; offers an industry outlook; and explores new technologies/regulations causing disruptions.
Tariffs Raised on Chinese Imports of EVs, Solar Panels, Batteries, Steel and Aluminum
The Biden administration announced new tariff rates on $18 billion worth of Chinese imports, including electric vehicles (EVs), solar panels, batteries, and steel and aluminum.
Automotive Industry News
Great Designs in Steel 2024 Agenda Finalized
Alumobility and Porsche Conduct Aluminum Lightweighting Study
Vickers Engineering Merges with Netform
Tennessee Volkswagen Plant Votes to Unionize
Partner Content
From AISI: Finished-Steel Import Market Share at 24% for April
From CAR: Report: Examining Workforce Needs for North America: Battery Industry Education and Training Needs Assessment
From Automation Alley: Trade Mission to Mexico, October 13-18, 2024
From MEMA: Q1 MEMA OE Vehicle Supplier Barometer
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… Northeast OH automtoive0-parts supplier TrimLine invests in three new servo-press lines, complete with state-of-the-art feed lines.
Large, Modular Robots for Automotive, Construction and Other Applications
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Industry-Related Terms: Die, Lines, Scale, Scrap
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