Auto makers to invest $300 billion to electrify cars

DETROIT, MICHIGAN UNITED STATES (JANUARY 14, 2019) (REUTERS) – Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry’s transition from fossil fuels and shifting power to Asian battery and electric vehicle technology suppliers.

The focus by automakers to expand their electric vehicle (EV) offerings, was evident at the North American International Auto Show in Detroit on Monday (January 14).

The unprecedented level of spending – much of it as Germany, China and other countries place more restrictions on conventional gasoline and diesel engines, auto companies have accelerated the shift to electrification.

The $300 billion that automakers have earmarked to put electric vehicles into mass production in China, Europe and North America is greater than the economies of Egypt or Chile.

Almost one-third of the industry’s EV spending total, about $91 billion, is being committed by the Volkswagen Group, which is aggressively trying to distance itself from the Dieselgate scandal, which has cost it billions in penalties and legal settlements.

Associated Links

  • Volkswagen
  • Electric vehicle
  • Sustainable transport
  • Electric vehicles
  • Electric vehicle conversion
  • Transport

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