The market analysis suggests that automakers plan to build 54 million battery electric vehicles in 2030, which would account for more than 50% of total vehicle production and are also planning to install 5.8 terawatt-hours of battery production capacity by 2030.
Tesla is leading the way and is looking to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. That represents a 13-fold increase over the estimated 1.5 million vehicles it hopes to sell this year.
Germany's Volkswagen also has ambitious plans through to the end of the decade with plans to build a global EV portfolio, add new battery ‘gigafactories’ in Europe and North America and lock up supplies of key raw materials.
Likewise, Toyota, Ford and Mercedes-Benz have all earmarked tens of billions in investment for EV development and production.
This is the first time that figures have been produced that demonstrate the financial commitment being made by the automotive industry as it moves to electrification and the figures involved are truly enormous, VW alone has allocated $100bn.
