Shulou(Shulou.com)11/24 Report--

Beijing, Oct. 21 (Xinhua) according to a new study, investment in electric vehicles by the world's major automakers is expected to reach $1.2 trillion by 2030 for the development and production of electric vehicles, as well as batteries and other raw materials.

According to the study, these carmakers will produce about 54 million pure electric vehicles by 2030, accounting for more than 50 per cent of total vehicle production. The $1.2 trillion investment has doubled from what was expected a year ago. As a reference, Waymo, the self-driving unit of Google's parent company Alphabet, has a market capitalization of about $1.3 trillion.

To support this unprecedented scale of electric vehicle production, automakers and their battery partners plan to install 5.8terawatt-hour (terawatt-hours) battery capacity by 2030.

Tesla naturally bears the brunt. The company's CEO, Elon Musk (Elon Musk), has unveiled a bold plan to produce 20 million electric cars a year by 2030, which is expected to require three terawatt-hour batteries.

Volkswagen also has ambitious plans to invest more than $100 billion by 2030 to expand its global electric vehicle portfolio, add new battery plants in Europe and North America, and lock in key raw materials.

Toyota will invest $70 billion in electric cars and more batteries, and at least 3.5 million battery electric vehicles are expected to be sold in 2030. Ford is increasing its spending on new electric vehicles, with a goal of producing about 3 million battery electric vehicles by 2030.

In addition, Mercedes-Benz has set aside at least $47 billion for the development and production of electric vehicles, while BMW, Stellantis and GM each plan to invest at least $35 billion in electric vehicles and batteries.

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