Automotive

Industry Overview

Virginia companies provide services and manufactured goods to customers throughout the world. Home to the headquarters of Volkswagen Group of America and Volvo Truck North America’s New River Valley Plant, the largest Volvo truck plant in the world, Virginia has maintained an 80+ year history in the automotive sector.

Virginia's Automotive Industry

  • Employs more than 20,000 people
  • Consists of 158 companies, 118 in the automotive parts sector
  • Virginia covers all aspects of the automotive industry-vehicle assembly, bodies and trailers, parts, tires and corporate offices
  • Support for Virginia's automotive industry includes over 350 machine shops employing more than 5,000 people
  • In the past 10 years, 84 automotive and related firms have announced over 5,400 new jobs and investments of over $1.3 billion
  • The automotive industry has a direct economic output of $7.7 billion
  • To view the complete Automotive Industry Profile, click here
  • To view the complete Advanced Manufacturing Industry Profile, click here

Key Companies

  • Afton Chemical
  • Altec Industries
  • Atsumi Car Equipment
  • Axalta Coating Systems
  • Continental
  • Corning
  • Dynax America
  • FDP
  • Federal Mogul
  • Goodyear Tire & Rubber
  • Hutchinson Worldwide
  • IAC
  • KVK Precision
  • Liebherr

  • Metalsa
  • Paramont Manufacturing
  • Parker Hannifin
  • Schrader Bridgeport
  • Somic America
  • Tenneco Automotive
  • Toray Plastics
  • TRW
  • Usui International
  • Utility Trailer
  • Volkswagen of America
  • Volvo Trucks North America
  • Wolverine Advanced Materials
  • Yokohama Tire

Assets/Virginia Advantages

  • Virginia's central East Coast location and premier transportation network allow companies to reach customers anywhere in the world with ease.
  • Virginia’s state universities offer world-class engineering programs. Virginia Tech’s Department of Mechanical Engineering is home to many automotive-related research centers and labs, including the Virginia Tech Transportation Institute and the Center for Vehicle Systems and Safety. Virginia Tech also partners with Southern Virginia Vehicle Motion Labs in Alton and the Institute for Advanced Learning and Research in Danville to provide real world settings to test new technology.
  • Virginia's corporate income tax rate of 6% hasn't changed since 1972. Companies also benefit from tax exemptions on purchases of machinery, tools, replacement parts and raw materials used in production, as well as all utilities delivered through pipes, mains and lines for any purpose.
  • The Virginia Port Authority (VPA) is the Commonwealth’s leading agency for international transportation and maritime commerce and manages Virginia’s six general cargo terminals: Norfolk International Terminals, Portsmouth Marine Terminals, Virginia International Gateway in Portsmouth, Newport News Marine Terminal, the Virginia Inland Port in Front Royal and the Port of Richmond.
  • The Port of Virginia is the third largest U.S. East Coast port, and due to natural harbor depth and Suez-class cranes, it is the only East Coast location capable of handling post-Panamax vessels (12,500+ TEU) as first and last port of call. The Port of Virginia has over 30 miles of on-dock rail and a channel depth of 50 feet and is the only East Coast port with Congressional authorization to dredge to 55 feet.
  • Ten railroads operate on the state’s network of nearly 3,400 miles of railway (excluding trackage rights). Two of the nation’s largest railroads, CSX Corporation and Norfolk Southern Corporation, are located here. Commuter rails near the larger cities allow workers to traverse efficiently.
  • Workers' compensation and unemployment insurance are among the lowest in the nation. The unemployment tax burden is approximately 20% lower than the national average, and right-to-work laws allow individuals to work regardless of membership in a labor union.
  • Proximity to Southern and Mid-Western automotive corridors.
  • Virginia’s motorsports assets allow cutting edge automotive technology to be tested on the track.

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

© 2016 All rights reserved.