Tesla to Mercedes: World's top EV makers to double investment this decade
- Most EV makers have cut out EV targets for themselves to achieve by 2030 as many of them plan to convert their entire lineup to electric models by the end of this decade.
Electric vehicle sales around the world has seen more than 50 per cent rise in the first nine months of the year. With nearly six million units already sold globally till September, EV makers are planning to increase their investments to manufacture more electric cars in coming years. From Tesla to Mercedes-Benz, EV makers from around the world have announced increase in the budget to make more cars, batteries and other equipment related to EVs as they inch closer to their respective target of transforming existing fleet into EVs by 2030.
Overall, the investment is pegged around $1.2 trillion (roughly converted to ₹9.95 lakh crore) till 2030. The amount is almost twice of what was speculated earlier and is almost as much as EV makers like Alphabet's market cap of $1.3 trillion. EV makers plan to manufacture 54 million EVs in the next eight years, about 7 million EVs on an average every year from now.
World's largest EV maker Tesla will lead the charge after CEO Elon Musk announced the EV maker's plan to build 20 million EVs in 2030. Tesla is also reportedly working on a smaller EV platform that will help make its electric cars more affordable than the likes of Tesla Model 3 and Model Y. Tesla's estimated investment could run into hundreds of billions of dollars, according to a Reuters analysis of Tesla's financial disclosures and forecasts.
German auto giant Volkswagen, one of the largest EV maker after Tesla, is expected to invest more than $100 billion to build new EVs and set up new battery manufacturing facilities in Europe and North America. Toyota Motor will invest around $70 billion to produce more electric vehicles and EV batteries. Toyota is expected to sell around 3.5 million EVs in 2030, with at least 30 EV models.
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Mercedes-Benz, India's largest luxury carmaker, will invest $47 billion for new EVs and increase its battery capacity with partners to more than 200 gigawatt-hours. The German carmaker recently tied up with Canadian-German Rock Tech Lithium to get 10,000 tons of battery-grade lithium hydroxide per year to increase production of fully electric vehicles.
Ford Motor too is expected to boost its investment from $50 billion to achieve its aim to produce around 3 million EVs in 2030. BMW, Stellantis and General Motors also plan to spend around $35 billion each on EVs and batteries.