According to a Reuters analysis of public data and projections released by those companies, the world’s top automakers are planning to spend about $1.2 trillion by 2030 on batteries and raw materials to support production as well. Develop and produce millions of electric vehicles.
The EV investment figure, which has not been previously published, dwarfs previous investment estimates by Reuters and more than doubled the most recent calculation published a year ago.
To put the figure in context, Alphabet, the parent company of Google and Waymo, has a market cap of $1.3 trillion.
According to the analysis, automakers plan to manufacture 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production.
To support that unprecedented level of EVs, carmakers and their battery partners plan to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and manufacturers.
Leading the charge is Tesla, where chief executive Elon Musk has outlined an audacious plan to build 20 million EVs in 2030, which would require an estimated 3-terawatt-hour battery. Musk said in late October that Tesla was already working on a small vehicle platform that costs half as much as the Model 3 and Model Y.
While Tesla hasn’t fully disclosed its spending plans, such exponential growth – a 13-fold increase compared to the estimated 1.5 million vehicles it expects to sell this year – would cost hundreds of billions of dollars, according to a Reuters report. Global EV demand according to analysis, and Tesla’s financial disclosures and forecasts for battery and battery mineral production.
Germany’s Volkswagen, lagging behind Tesla, has ambitious plans by the end of the decade, aiming for more than $100 billion to build out its global EV portfolio, add new battery “gigafactories” in Europe and North America, and major crude. Lock the supply of goods. ,
Japan’s Toyota Motor Corp. is investing $70 billion to electrify vehicles and build more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to convert the entire Lexus range to batteries. electricity in that period.
Ford Motor Co. is increasing its spending levels on new EVs – now $50 billion – and with at least 240 gigawatt-hours of battery capacity with its partners as it aims to produce about 3 million BEVs in 2030. half of the total quantity.
Mercedes-Benz has earmarked at least $47 billion for EV development and production, about two-thirds of which is to increase its global battery capacity with partners to more than 200 gigawatt-hours.
BMW, Stelantis and General Motors each plan to spend at least $35 billion on EVs and batteries, with Stelantis offering the most aggressive battery program ever: 400 gigawatt-hours of capacity planned by 2030 with partners which includes four plants in North America.
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(Reporting by Paul Leinert in Detroit; Editing by Ben Kellman and Lisa Shumaker)