The nation’s biggest automotive industry leaders are expected to unveil plans on Thursday to increase electric vehicle sales by 40% to 50% by 2030. General Motors Co., Ford Motor Co., and Chrysler parent Stellantis NV. Automakers are under immense pressure introduce EV sales by the end of this decade in order to reduce greenhouse gas emissions.
According to consulting firm AlixPartners, investments in electric vehicles by 2025 could total $330 billion, which is a 41% increase from the firm’s five-year investment outlook a year ago. Currently, EVs represent about 2% of total global vehicle sales, and will surpass 24% of total sales by 2030, the firm predicts.
Environmentalists have made demands to introduce enforceable requirements and toughen vehicle emissions rules by 2026.
The three major automakers aim to increase production of full-battery electric, plug-in electric hybrid vehicles, which have gasoline engines, as well as hydrogen fuel cell models. According to insider sources the wording of their statement tomorrow could change as per directions from the White House.
General Motors Co. aims to end sales of new U.S. gasoline-powered light duty vehicles by 2035. It announced on Wednesday it is focused on full electric vehicles rather than plug-in hybrid vehicles. Ford Motor Co. plans at least 40% of its global vehicle volume to be all-electric by 2030.
This target is likely to increase in the coming years. A majority of US automakers have also pledged to make investments in developing electric vehicles. The rate at which today’s automakers are turning to electric-vehicle manufacturing should shake up the auto labor force. Engines produced for EVs don’t need as much labor. Car companies have also pulled back investment in developing new gas engines in order to move into a carbon-free direction.
In past several months, US automakers have unveiled their first attempts at high-volume EVs for the North American car market. Consumers are also turning to electric models, especially as electric vehicle lineups increase into popular segments such as pickup trucks.
According to a survey by UBS, 37% of US respondents are likely to consider buying an EV for their next purchase, up 15% from last year.
