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How much investment is being done in electric cars?
I’m wondering how much investment is being done in electric cars and the industry in general. I know many countries are hoping for more EVs on the road in the future, but how much is being invested?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question, the global electric car market is looking to invest $515 billion in the future of developing electric cars.
The vast majority of the investments are to come from the German carmaker Volkswagen which has increased its budget to invest about $100 billion. An article from CNN reports that the carmaker announced that it will spend more than half of its revenue for the next 5 years on electric cars and tech. With hopes of having 25% of its global sales be electric vehicles, the company is putting a lot on the line to boost the future of EVs.
As companies and governments are hoping to be able to gradually switch the main fuel sources of vehicles on the road, there is a lot of money being invested in the future of electric cars.
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