Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
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, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice 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.
