Global automakers planning to invest over $300 billion in electrification

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Global automakers are planning an unprecedented level of investment to develop electrified vehicles and procure batteries over the next five to 10 years, according to a Reuters analysis of public data. Carmakers have announced plans to spend at least $300 billion on electrification projects. The lion’s share – some $136 billion – will be directed at the Chinese market, where local brands including SAIC and Great Wall Motors will be joined by multinational joint-venture partners such as VW, Daimler and GM. The second favorite target of investment is Germany, where automakers led by the Volkswagen Group plan to part with $72 billion, followed by the US, which will receive about $34 billion. The figures from Reuters reflect only planned investments that have been publicly announced, and they don’t include related spending by automotive suppliers, technology companies and corporations in other industries. The total amount spent on R&D, engineering, production tooling and procurement is expected to be much higher. Announced investments in electrification: Volkswagen Group: $91 billion Daimler: $42 billion Hyundai/Kia: $20 billion Changan (China): $15 billion Toyota: $13.5 billion Ford: $11 billion Fiat Chrysler: $10 billion Nissan: $10 billion Renault: $10 billion Tesla: $10 billion GM: $8 billion Great […]

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