This week Volkswagen committed to spending $190 billion dollars in electric vehicle investments over the next 5 years.

With all of the countries committing massive dollars to improve the grids and provide access to charging stations, and all of the automakers spending more money than ever before to make the transition to EVs it is hard for me to believe that there are still people that believe this is a fad.

Here are a few more examples of huge commitments being made
  • Honda aims for all its sales to be zero-emissions electrified vehicles by 2040, with a projected ramp-up of 40% of sales by 2030 and 80% by 2035. The company has formed major partnerships and committed to investing $40 billion in EV research and development, including engineering solid-state batteries.

  • Ford plans to produce over 2 million EVs annually by 2026 and expects EVs to make up half of its global sales volume by 2030. The company also aims to have half of the global sales of its Lincoln luxury brand as zero-emissions models by the mid-2020s and electrify its entire vehicle portfolio by 2030.

  • GM aims to have 20 EVs available in the U.S. by 2025 and move to an all-electric model lineup by 2035. The company plans to launch several EV models including the GMC Hummer EV, Cadillac Lyriq SUV and Celestiq sedan, Chevrolet Blazer EV, Equinox EV, Silverado EV, and GMC Sierra EV. The Chevrolet Corvette will also be offered as a hybrid in 2023, with an all-electric version to follow. Buick will launch its first electric vehicle in 2024. GM plans to spend $35 billion through 2025 on EVs and battery tech and, along with LG, is using a $2.5 billion DOE loan to build three US battery factories.

  • Ford plans to spend $5 billion in 2022 on EVs and will inject $50 billion through 2026 into capital expenditures, direct investments, and expenses.

  • Toyota will spend 8 Trillion yen (around $70 billion) to reach its goal of reaching 3.5 million BEVs by 2030.

Electric Vehicle investments