A Reuters analysis found that global automakers plan to spend a combined
US$300 billion on EVs over the next decade. In the last year, carmakers made some
major cash commitments:
Audi is accelerating EV spending to €12 billion by 2024 and plans to offer 30 electrified (20 fully electric) vehicles by 2025.
BMW is funnelling €10 billion into new battery-cell contracts for its upcoming electric cars. It hadn’t launched a new all-electric
car in seven years, but three new ones are coming online by 2021.
Hyundai just committed US$17 billion for electric and driverless cars by 2025 (less than half of that will go to EVs, so roughly
US$8 billion).
Fiat Chrysler has committed to investing €9 billion to launch more than 30 electrified cars by 2022.
Volkswagen plans to spend €60 billion on rolling out 75 fully electric models and 60 hybrid vehicles over the next five years.
GM announced a US$2.3 billion joint venture with South Korea’s LG Chem to build an EV battery factory, in addition to spending
US$3 billion to build an electric pickup factory in Detroit as part of its plan to add 20 new battery-electric and fuel-cell vehicles
by 2023.
Ford in 2018, said it plans to spend US$11 billion by 2022 to produce 40 new electrified cars.
Nissan is pumping US$9 billion into China alone to bring more EVs to that country and plans to introduce more than 20 electric
models by 2022.
Toyota earlier in 2019, said that by 2025 all models will have electrified versions. It’s spending US$2 billion on developing EVs in
Indonesia alone through 2023.
Daimler in 2018, announced plans to buy €20 billion worth of battery cells for its EVs by 2030. Its entire Mercedes product range
will be electrified by 2022.
Volvo will launch a new electric car every year through 2025, when it will phase out gas-only car sales entirely. Volvo told
Corporate Knights it doesn’t disclose its spending on EVs.
