Experts: Michigan will play large role in alternative fuel vehicle manufacturing

Experts: Michigan will play large role in alternative fuel vehicle manufacturingAuto experts say that Michigan will produce an estimated 20 percent of lithium-ion batteries in the future, playing a large role in the growing electric car industry, the Detroit Free Press reports.

A panel discussed Michigan's future in electric car manufacturing at the Detroit Economic Club luncheon on Wednesday, saying that the state held potential for electrified-vehicle battery companies to move there, according to the news source.

Dan Galves, a member of Deutsche Bank's Global Auto/Auto Parts equity research team, said that electric cars are expected to be a $14 billion industry by 2014, and that electrified-vehicle capacity will grow from 100,000 to 1.7 million by 2015. In 2008, there were five companies internationally with a total of 13 electric car models, and now there are 36 companies with 116 cars, the news source reports. Experts believe this shows the trend that will be seen in the future.

Other auto experts have said electric cars give the U.S. an opportunity to reduce reliance upon foreign oil while creating jobs and keeping billions of dollars in-country.

Car loans may help drivers finance the purchase of an electric vehicle.