According to news broken by Reuters, the world's top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies.
The EV investment figure far surpasses previous investment estimates by Reuters and is more than twice the most recent calculation published by the website a year ago.
According to Reuters analysis, automakers have forecast plans to build 54 million battery electric vehicles in 2030. This number represents more than 50% of total vehicle production.
To support that unprecedented level of EVs, according to the article on Reuters, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030.
At the forefront of this charge is Tesla, where Chief Executive Elon Musk has revealed a plan to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. Musk in late October said Tesla already is working on a smaller vehicle platform targeted to cost half as much as the Model 3 and Model Y.
For more information, read the full story by Paul Lienert on Reuters.
