According to a Reuters analysis of public data and projections released by these companies, the world's top automakers plan to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, as well as the batteries and raw materials to support that production.
The previously unpublished EV investment figure dwarfs previous Reuters investment estimates and is more than double the most recent calculation published just a year ago. In comparison, Alphabet, the parent company of Google and Waymo, has a market cap of $1.3 trillion.
According to the analysis, automakers plan to build 54 million battery electric vehicles by 2030, accounting for more than half of total vehicle production.
According to data from Benchmark Mineral Intelligence and the manufacturers, carmakers and their battery partners plan to install 5.8 terawatt-hours of battery production capacity by 2030 to support that unprecedented level of EVs.
Tesla is leading the charge, with CEO Elon Musk outlining an audacious plan to build 20 million EVs by 2030, requiring an estimated 3 terawatt-hours of batteries. Musk stated in late October that Tesla is already working on a smaller vehicle platform that will be half the price of the Model 3 and Model Y.
While Tesla has not fully disclosed its spending plans, such rapid expansion - a 13-fold increase over the estimated 1.5 million vehicles it hopes to sell this year - will cost hundreds of billions of dollars, according to a Reuters analysis of Tesla's financial disclosures and forecasts for global EV demand, battery and battery mineral production.
Volkswagen, while lagging behind Tesla, has ambitious plans through the end of the decade, aiming for well over $100 billion to expand its global EV portfolio, build new battery "gigafactories" in Europe and North America, and secure key raw material supplies.
Toyota Motor Corp. of Japan is investing $70 billion to electrify vehicles and produce more batteries, with the goal of selling at least 3.5 million battery electric vehicles (BEVs) by 2030. It intends to launch at least 30 different BEVs over the next three years, with the goal of transitioning the entire Lexus lineup to battery electric.
Ford Motor Company continues to increase its spending on new EVs, which is now at $50 billion, as well as at least 240 gigatonne-hours of battery capacity with its partners, with the goal of producing around 3 million BEVs by 2030, or half of its total volume.
Mercedes-Benz has set aside at least $47 billion for electric vehicle development and production, nearly two-thirds of which will be used to increase its global battery capacity with partners to more than 200 gigatonne-hours.
BMW, Stellantis, and General Motors all intend to spend at least $35 billion on EVs and batteries, with Stellantis outlining the most aggressive battery strategy: By 2030, the company hopes to have 400 gigatonnes of capacity with partners, including four plants in North America.
(Source:www.reuters.com)
The previously unpublished EV investment figure dwarfs previous Reuters investment estimates and is more than double the most recent calculation published just a year ago. In comparison, Alphabet, the parent company of Google and Waymo, has a market cap of $1.3 trillion.
According to the analysis, automakers plan to build 54 million battery electric vehicles by 2030, accounting for more than half of total vehicle production.
According to data from Benchmark Mineral Intelligence and the manufacturers, carmakers and their battery partners plan to install 5.8 terawatt-hours of battery production capacity by 2030 to support that unprecedented level of EVs.
Tesla is leading the charge, with CEO Elon Musk outlining an audacious plan to build 20 million EVs by 2030, requiring an estimated 3 terawatt-hours of batteries. Musk stated in late October that Tesla is already working on a smaller vehicle platform that will be half the price of the Model 3 and Model Y.
While Tesla has not fully disclosed its spending plans, such rapid expansion - a 13-fold increase over the estimated 1.5 million vehicles it hopes to sell this year - will cost hundreds of billions of dollars, according to a Reuters analysis of Tesla's financial disclosures and forecasts for global EV demand, battery and battery mineral production.
Volkswagen, while lagging behind Tesla, has ambitious plans through the end of the decade, aiming for well over $100 billion to expand its global EV portfolio, build new battery "gigafactories" in Europe and North America, and secure key raw material supplies.
Toyota Motor Corp. of Japan is investing $70 billion to electrify vehicles and produce more batteries, with the goal of selling at least 3.5 million battery electric vehicles (BEVs) by 2030. It intends to launch at least 30 different BEVs over the next three years, with the goal of transitioning the entire Lexus lineup to battery electric.
Ford Motor Company continues to increase its spending on new EVs, which is now at $50 billion, as well as at least 240 gigatonne-hours of battery capacity with its partners, with the goal of producing around 3 million BEVs by 2030, or half of its total volume.
Mercedes-Benz has set aside at least $47 billion for electric vehicle development and production, nearly two-thirds of which will be used to increase its global battery capacity with partners to more than 200 gigatonne-hours.
BMW, Stellantis, and General Motors all intend to spend at least $35 billion on EVs and batteries, with Stellantis outlining the most aggressive battery strategy: By 2030, the company hopes to have 400 gigatonnes of capacity with partners, including four plants in North America.
(Source:www.reuters.com)