Carmakers to Target $515B for Electric Vehicles & their Batteries Till 2030

The plans of spending more than half a billion dollars are there in the minds of the electric vehicle manufacturers till 2030. From a report given by Reuters, the firms are trying their best to stop the use of fossil fuel-based cars to control global carbon emissions. Reuters also did a similar analysis of the electrical car groups three years back too. They are about to spend $300B on their electric vehicles and correlated technology. The zero carbon emissions rules have made the EV industry in demand as the cities like London, Paris, and countries like Norway and China are taking a step forward in this. This recent report of carmakers planning to invest an estimate of $515 B in the next 10 years for upgrading the lifestyle of the world has put a smile on the faces of people loving nature.

The electric giant Tesla that is making the largest EV’s right now is taking an advanced step of selling the vehicles online and has started its factories near Berlin and Austin that will boost its production capacity. The company was worth $1.2T in the first week of November, which is huge in numbers as compared to the old motor companies like Volkswagen, Toyota, Ford and General Motors. The production of the EV groups is not going to stop as there is a great pressure from the government and environment specialists.

Vehicle manufacturer Volkswagen is aiming to improve the range and batteries of the electric vehicles that will be the focal point in future because people would not like to buy vehicles that have low range. Companies like BMW AG and Daimler AG are planning to invest money together on the welfare of EVs by spending a sum of $185B by 2030. However, GM and Ford will spend $60 by 2025. Chinese motor companies are also announcing a fund of $100B for the next decade. Despite the top countries spending a lot of money on EV’s, the provinces like Japan have just announced investing $40 as combined money.