Investing in EV Cities - Spartanburg, South Carolina
Updated: Dec 20, 2021
Congratulations to Proterra and their new EV battery manufacturing facility in Spartanburg. Designed similarly to a Proterra battery, this $78M investment is one of multiple reasons to invest in an EV city like Spartanburg, SC.
Proterra has recently announced a $78M investment into a second EV battery manufacturing plant. Their first plant in located in Los Angeles, California. This 327,000 square foot facility will be Proterra's largest plant, and will be open by the second half of 2022. The plant, which takes the design of a battery, will be found in the EV city of Spartanburg, South Carolina.
Spartanburg is South Carolina's last stop on the way into North Carolina and eventually into the great city of Charlotte. With only an hour and a half separating these two cities, Spartanburg has the makings of the next upcoming opportunity. With over 800 people moving there monthly (as told to me via a realtor in the area), an extremely eager city council, a 5% corporate tax, which is amongst the lowest in the Southeast, it is no surprise why companies like Proterra, BMW, and Michelin Tires headquarter here.
What makes Spartanburg, the NEW home for Proterra, an EV city? This article will examine how companies like Oshkosh (NYSE: OSK), Magna International (MGA), Proterra (NYSE:PTRA), MicroVast (NYSE: MVST) have also decided to make Spartanburg home. Let's examine why investing in this area is a phenomenal opportunity. I, Alan Dowden, EV-News.com's Editor in Chief, plan to take full advantage of this opportunity.
*Toll Brother's Home in Greenville, South Carolina. 18 mins from Proterra's Greenville Plant and 25 mins to Spartanburg's BMW manufacturing plant. Price: $515K. My intentions are to buy a home in this area before summer of 2023.
Currently Home To:
BMW's North American Headquarters
Greer, Spartanburg County, South Carolina is home to BMW's North American Headquarters and BMW's only manufacturing plant in the Americas. The BMW plant focuses on manufacturing of their X3, X5 and X7 SUVs (currently not electric). The BMW manufacturing plant is over 7 MILLION square foot and supplies jobs to more than 11,000 people in the area.
BMW is investing $100M into a new logistics center. As someone who is getting an MBA in Supply Chain Management, this is a huge deal. I am expecting to finish my MBA by summer of 2023. An opportunity to work in Supply Chain for an EV company directly out of my master's program or even before graduation would be an opportunity I would be interested in.
Michelin North American HQ
Michelin, a leading tire company, is headquartered in Greenville and has a manufacturing plant 15 minutes up the road in Spartanburg. Michelin has helped South Carolina become the No.1 tire producing states and employees over 9,500 people in South Carolina.
There are also multiple Automotive companies that call this area home.
Those are Draxlmaier, Benteler, Schedl, and Global Automotive Partners
Future Home to:
Oshkosh - USPS Trucks
USPS's Next Generation Delivery Vehicle (NGDV) will be manufactured in Spartanburg, South Carolina. This massive deal outlines that during the next 10 years, over 50,000 and up to 165,000 vehicles will be manufactured. Oshkosh will invest $155M to convert an existing warehouse in Spartanburg's industrial park. Oshkosh will provide over 1,000 jobs and on-site supply chain companies will require additional needs. Supply Chain once again.
*Production of the NGDVs is expected to begin summer 2023
Oshkosh will receive their batteries from Microvast (NYSE: MVST) who is opening a battery facility in Clarksville, Tennessee, a 6 hour drive.
Magna international (NYSE:MGA), an Austrian-based automotive company, reached an agreement to produce the Fisker Ocean (NYSE: FSR). A division of Magna International, Magna Mirrors broke ground on a new facility in Spartanburg, South Carolina on 03/27/2021.
Please take a look at their website. The product that Magna Mirrors create are impressive.
Spartanburg, South Carolina is an up and coming EV hotspot. With Proterra investing in Spartanburg, there will be four large EV/automotive companies in that area and a fifth in Microvast that will delivering batteries to Oshkosh. This area is about to witness an overwhelmingly amount of growth in talent, finances, innovation, partnerships, and groundbreaking announcements. As an EV enthusiast and a proud investor in Proterra, my intentions are to move to Greenville/Spartanburg area by summer of 2023 and buy property.
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