Here’s what’s planned for EV manufacturing through 2030
Automakers around the world will spend more than half a trillion dollars developing new electric cars and passenger trucks, as well as manufacturing batteries, through 2030, according to the latest report from the consultancy. sustainable development based in London ERM for the Environmental Defense Fund (EDF).
Electric car manufacturing will skyrocket
The report, the “Electric Vehicle Market Update,” is the fifth update in a report that tracks the current state and projected growth of the U.S. electric vehicle industry. The initial report was published in May 2019.
Here are some notable findings from the report:
- Global automakers are expected to spend more than $515 billion by 2030 to develop and build electric vehicles.
- In the United States alone, 13 automakers have announced plans to spend more than $75 billion to open electric vehicle manufacturing plants in six states.
- By 2025, more than 100 electric vehicle models are expected to be on the market and available to US customers. This includes cars, trucks and SUVs.
- Global and US electric vehicle sales remained strong in 2021 — up 40% and 4% year-over-year, respectively — despite supply chain disruptions and material shortages.
And when it comes to medium and heavy vehicles like cargo trucks and buses, the report has a few findings worth noting:
- Two new reports, including one by Roush Industries for EDF that was published in February, found that electric heavy-duty vehicles like freight trucks and buses could also reach cost parity with diesel models this decade, many of which from 2027.
- Manufacturers have invested nearly $2 billion in medium- and heavy-duty assembly plants in the United States that will support about 15,000 direct jobs.
Tesla sales are already exploding
When it comes to electric versus gas, car sales appear to be at an inflection point. A separate Clean Technica A report yesterday revealed that overall US auto sales were down 18% in the first quarter of 2022 compared to the first quarter of 2019 (over 684,000), down 6% from the first quarter. 2020 (more than 201,000) and down 16% compared to the first quarter of 2021 (more than 581,000).
But here’s where it gets interesting: Tesla, which is way ahead in the game of manufacturing and delivering electric vehicles, saw sales increase 256% in Q1 2022 compared to Q1 2019, and 47% in the first quarter of 2022 compared to the first quarter of 2021. It was only one of three automotive brands (petrol and electric) that recorded more sales year-over-year, with MINI and BMW.
Clean Technica notes that there are a number of theories as to why this is happening, but also writes: “The biggest losers seem to be the old fashioned luxury car brands without an electric presence, perhaps brands that would previously get sales of people who are now buying Teslas.”
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