The world’s top automakers plan to spend about $1.2 trillion to develop and produce millions of electric vehicles by 2030, according to JEE News analysis of public data and estimates released by those companies. With batteries and raw materials to help.
The EV investment figure, which has not been published before, previous investment estimates and is more than double the most recent calculation published just over a year ago.
To put the numbers into context, Alphabet, the parent company of Google and Waymo, has a market cap of $1.3 trillion.
According to the analysis, automakers forecast plans to produce 54 million battery electric vehicles in 2030, representing more than 50 percent of total vehicle production.
To support this unprecedented level of EVs, automakers and their battery partners plan to install 5.8 terawatt-hours of battery production capacity by 2030, according to Benchmark Mineral Intelligence and manufacturer data. have been.
Leading the charge is Tesla, where Chief Executive Elon Musk has outlined a bold plan to build 20 million EVs by 2030, requiring 3 terawatt-hour batteries. Musk said in late October that Tesla is already working on a small car platform that costs half the price of the Model 3 and Model Y.
Although Tesla has not fully disclosed its spending plans, such rapid growth — a 13-fold increase over the estimated 1.5 million vehicles sold this year — would cost hundreds of billions of dollars, JEE News reported. According to an analysis by Tesla’s financial disclosures and forecasts for global EV demand, and battery and battery mineral production.
Germany’s Volkswagen, lagging behind Tesla, has ambitious plans through the end of the decade, targeting more than $100 billion to build out its global EV portfolio, with new batteries in Europe and North America. “Gigafactories” will be added and supply of key raw materials will be cut off. .
Japan’s Toyota Motor Corporation 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 transition the entire Lexus range to battery. Power over this period.
Ford Motor Co. is ramping up its spending on new EVs — now at $50 billion — and partners with at least 240 gigawatt-hours of battery capacity as it aims to produce about 3 million BEVs by 2030. is – half of its total volume.
Mercedes-Benz has earmarked at least $47 billion for EV development and production, about two-thirds of that with partners to increase its global battery capacity to more than 200 gigawatt-hours.
BMW, Stellantis and General Motors each plan to spend at least $35 billion on EVs and batteries, with Stellantis the most aggressive battery program: 400 gigawatt-hours of capacity planned with partners by 2030 , including four plants in North America.
