October 31, 2022
Auto Industry to Spend $1.2 Trillion by 2030 on the Transition to Electrification
The 119th State of the Fleet Industry video produced by Automotive Fleet offers insights into the state of the fleet market as presented by AF Editor Mike Antich.
🎙Today's topics include:
- Altogether automakers — globally — plan to double their EV spending to $1.2 trillion to build 54 million battery-electric vehicles by 2030.
- Today’s current transition to EVs dwarfs the cost of the Apollo space program. In fact, today’s transition to electrification will invest $1 trillion more than what it cost to put 12 people on the moon.
- Globally, automakers are forecasting that half of their total worldwide vehicle production will be EVs by 2030. And it will take $1.2 trillion to achieve this goal.
- A new tax credit under the Inflation Reduction Act is anticipated that will be that provides a $7,500 tax credit for commercial EVs with no restrictions on battery sourcing or manufacturing.
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⌚ Timestamps ⌚
1:00 Automakers to double their EV spending to $1.2 trillion
1:45 Transition to EVs vs. Apollo Moon Program
4:30 Forecast: half the total vehicle production will be EVs by 2030
5:00 New tax credit under the Inflation Reduction Act