November 1, 2022
By 2030, Auto Industry to Spend $1.2 Trillion on Transition to Electrification
AF Editor Mike Antich presents insights into the state of the fleet market in the 119th State of the Fleet Industry video produced by Automotive Fleet.
🎙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 the cost of putting 12 people on the moon.
- Globally, automakers forecast that half 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 to provide 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