The electric vehicle boom is pay-dirt for factory machinery makers

New electric vehicle factories, funded by investors who have snapped up newly public shares in companies such as EV start-up Lucid Group Inc are boosting demand.

The investment surge by both new and established automakers in the electric vehicle market is a bonanza for factory equipment manufacturers that supply the highly automated picks and shovels for the prospectors in the EV gold rush.

The good times for the makers of robots and other factory equipment reflect the broader recovery in U.S. manufacturing.
 

After falling post-COVID to $361.8 million in April 2020, new orders surged to almost $506 million in June, according to the U.S.
Census Bureau.
 

New electric vehicle factories, funded by investors who have snapped up newly public shares in companies such as EV start-up Lucid