According to a Reuters analysis of publicly available data and forecasts released by those companies, the world’s top automakers plan to spend nearly $1.2 trillion by 2030 to develop and manufacture millions of electric vehicles, along with the batteries and raw materials to support that production.
The EV investment figure, previously unpublished, surpasses previous investment estimates by Reuters and is more than double the most recent calculation published just a year ago.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 build 54 million battery-electric vehicles by 2030, representing more than 50% of total vehicle production.
To support that unprecedented level of EVs, automakers 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 the manufacturers.
Leading the way is Tesla, where Chief Executive Elon Musk has outlined a bold plan to build 20 million EVs by 2030, requiring an estimated 3 terawatt hours of batteries. Musk said in late October that Tesla is already working on a smaller vehicle platform that will cost 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 over the estimated 1.5 million vehicles it hopes to sell this year — will cost hundreds of billions of dollars, according to a Reuters analysis of Tesla’s. financial disclosures and forecasts for the global demand for electric cars and the production of batteries and battery minerals.
Germany’s Volkswagen, which is lagging behind Tesla, has ambitious plans by the end of the decade, with a goal of more than $100 billion to build out its global EV portfolio, new battery “giga factories” in Europe and North America. and capture stocks of key raw materials .
Japan’s Toyota Motor Corp is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million electric models (BEVs) by 2030. electrically across that overvoltage.
Ford Motor Co continues to increase its spending on new EVs – now at $50 billion – and at least 240 gigawatt hours of battery capacity with its partners as it aims to produce about 3 million BEVs by 2030 – half of its total volume.
Mercedes-Benz has committed at least $47 billion to the development and production of electric vehicles, nearly two-thirds of which is to boost global battery capacity with partners 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 drafting the most aggressive battery program: a planned 400 gigawatt-hour capacity with partners by 2030, including four plants in North America .
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(Reporting by Paul Lienert in Detroit; editing by Ben Klayman and Lisa Shumaker)