Automakers worldwide will spend more than a half trillion dollars to develop new electric cars and passenger trucks, and also on battery manufacturing, through 2030, according to the latest report by London-based sustainability consultancy firm ERM for the Environmental Defense Fund (EDF).
Electric car manufacturing will skyrocket
The report, the “Electric Vehicle Market Update,” is the fifth update to a report that tracks the current status and projected growth of the US EV industry. The original report was released in May 2019.
Here are some standout findings from the report:
And when it comes to medium and heavy-duty vehicles like freight trucks and buses, the report had a couple findings of note:
Tesla sales are already skyrocketing
When it comes to electric vs. gas, car sales seem to be at an inflection point. A separate CleanTechnica report from yesterday found that US auto sales overall were down 18% in the first quarter of 2022 compared to the first quarter of 2019 (more than 684,000), down 6% compared to the first quarter of 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 electric vehicle manufacturing and delivery game, saw its sales up 256% in the first quarter of 2022 compared to the first quarter of 2019, and 47% in the first quarter of 2022 compared to the first quarter of 2021. It was only one of three auto brands (that’s both gas and electric) that got more sales year-over-year, along with MINI and BMW.
CleanTechnica notes that there are a number of theories why this is happening, but also writes, “The biggest losers seem to be old-school luxury auto brands with no electric presence, perhaps brands that would previously get sales from people now buying Teslas.”
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