Global automakers will spend over $250 billion worldwide on light-duty vehicle electrification through 2030, with more than $22 billion dedicated domestic manufacturing investments that will contribute to the direct employment of almost 24,000 workers.
M.J. Bradley & Associates’ recent Electric Vehicle Market Status report update, produced in collaboration with the Environmental Defense Fund, summarizes the current status, and projected growth, of the U.S. electric vehicle (EV) industry through 2030. Key topics addressed include drivers of U.S. and global EV growth, auto manufacturer investments in EV development and in building a robust charging network for drivers, announced new EV model introductions, projected EV sales, projected battery pack costs, and projected date of EV “price parity” with internal combustion engine (ICE) vehicles.
The report showcases the rapidly accelerating potential for EVs in the coming years as auto makers continue to strengthen their commitment to an electrified future. This notable collection of commitments and announcements across the industry will be further enhanced by President Biden’s understanding of the essential role transportation electrification will play in the United States’ clean energy future.
The report highlights that EV momentum continued to build in 2020, despite economic fall-out from the COVID-19 pandemic. While some high-profile electric vehicle launces were delayed this year other existing EV models saw significant sales increases, despite an 18% reduction in over-all US auto sales through the first three quarters of the year. Both GM and Ford increased their financial commitments to EV development in 2020, and VW increased their EV sales projections by 4 million vehicles through 2030. Consumers also showed strong interest in the new vehicles that will soon be launched, especially larger electric trucks: Lordstown Motors has received 100,000 orders for the Endurance all electric pickup truck that will debut next year, and the 2022 GMC Hummer EV sold out pre-orders in 10 minutes.