How many billions are going into electric cars, globally? Guess the number...
Countries around the world-especially China, France, the U.K., and Norway-are aiming to phase out the sale of new fossil-fuel vehicles entirely between 2025 and 2040. So it's in automakers' best interests to begin planning and investing now in vehicle lineups that will comply with that regulatory environment when it comes.
From article, (In total, global automakers have earmarked more than $90 billion to develop plug-in electric vehicles, mostly for the burgeoning electric-car market in China.
Reuters collected all the publicly announced investments from automakers to come up with that $90 billion total.
Of that amount, $19 billion comes from automakers in the United States, $21 billion in China, and a remarkable $52 billion in Germany.
However, executives from both U.S. and German automakers told the news agency most of their investments in battery-electric and plug-in hybrid vehicles will be focused on China, which is already aggressively promoting sales of electric cars.
Volkswagen, working to reinvent itself after its diesel-emission scandal in the U.S. and
Europe, is the automaker with the largest planned investment so far:$50 billion.
It plans to electrify most of its 300-plus models by 2030, and will introduce its first all-new electric model in the United States by 2020.
The level of investment so far is outsized compared to the global electric vehicle market.
Reuters calculated that plug-in electric vehicles currently account for less than 1 percent of overall global vehicle sales, which totaled roughly 90 million last year.
While auto-company executives can read the sales stats as well as anyone else, they are not ignorant of the upcoming regulations—which they have far less power to change in China than they may under the current U.S. administration.)
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