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Automakers Plan on Spending $1.2 Trillion on EVs and Batteries by 2030

4.2 million EVs were sold worldwide in the first half of 2022, 63% more than in the first half of 2021, according to Canalys, a leading global technology market analyst.
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Even though there’s a lot of uncertainty in the market right now and the chip shortage is still making victims, the world’s top automakers are planning all the way through 2030. Many have already started ramping up their electric vehicle production and will spend a lot more on EVs and batteries in the following years. How much? A cool $1.2 trillion, according to Reuters.

A short breakdown would look like this: Renault is investing $11.8 in electrification through 2025, while General Motors will add another $35 billion for electrification through that same year. Ford will spend $50 billion through 2026, planning to build over 2 million EVs in that year alone.

BMW will spend $26.5 billion to double its battery production, aiming for half of the brand’s total vehicles to be all-electric by 2030. Mercedes has a $47 billion allocation for EVs through 2030, while Volkswagen will assign a budget of at least $55 billion on electrification through 2030.

And that’s just a small part of it – Tesla’s overall production costs alone could amount to a whopping $500 billion by the end of the decade. (Elon Musk thinks Tesla could produce 20 million EVs per year by 2030.)

Now, of course, the world is going all kinds of crazy at the moment. At the same time, there’s a new EV seemingly every other day, and if all goes to plan, carmakers won’t stop producing them anytime soon. There will still be many challenges, even though some industry giants are looking for ways to speed up their research on battery materials and development, which could ultimately benefit everyone.

Still, we can’t predict the future, so we’ll have to wait and see what happens.
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