Looming zero-carbon mandates add urgency to the industry’s commitments to electric vehicles and batteries
A roadside EV electric vehicle charge point sign is seen in London, Britain. File photo: REUTERS/TOBY MELVILLE
The most recent analysis shows carmakers planning to spend an estimated $515bn over the next five to 10 years to develop and build new battery-powered vehicles and shift away from combustion engines. But industry executives and forecasters remain concerned that consumer demand for EVs could fall well short of aggressive targets without substantial additional incentives and even greater spending on charging infrastructure and grid capacity.
Reuters compiled the investment data from company statements, investor presentations and regulatory filings. Meanwhile, political and regulatory pressure is building on the world’s carmakers to begin phasing out production of fossil-fuelled vehicles, including petrol-electric hybrids, over the next 10 to 15 years, while ramping up output of full electric models.
VW’s investments, like those of many of its rivals, are aimed at improving the range and performance of batteries and lowering the cost of EVs, as well as expanding battery and EV production across the globe, according to public data released by the companies.
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