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

May 15, 2024

May 15, 2024

Welcome to MetalForming Automotive, where you’ll find a variety of news and information from this quickly evolving industry, including links to the latest information from our industry partners: AISI, Automation Alley, CAR and MEMA (formerly OESA).

Please share any questions or comments by emailing editorial director Brad Kuvin.

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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Nucor is helping to decarbonize the auto industry with Econiq—the world's first line of net-zero steel products at scale. For more the 50 years Nucor has pioneered circular, electric arc furnace steelmaking that recycles scrap into new steel.

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.

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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