The EV boom is accelerating.
By 2030, it’s expected we’ll see up to 125 million electric vehicles on the road.
Fueling the market even more, major automakers are starting to abandon internal combustion engines for EVs. In addition, according to ChargePoint Holdings, “EVs projected to be 9.9% of new vehicles sold in 2025 and 29.2% 2030 in the U.S. and Europe (compared to 2.6% in 2019).”
Plus, according to a new study by Ernst & Young, electric vehicles could outpace combustion engines in the next 12 years in the U.S., Europe, and China, according to The Street. “By 2045, non-EV sales were seen plummeting to less than 1% of the global car market.”
That’s driving substantial investment opportunities around the world.
And in a fight for dominance, VW and Tesla are spending billions.
Tesla just launched production at its new “Gigafactory” in Berlin, where it hopes to produce as many as 500,000 cars and 50GWh of battery capacity annually, according to The Verge. “Creating a European manufacturing hub will be an important logistical victory for Tesla, which currently imports European cars from its factories elsewhere in the world.”
Not to be outdone, VW just announced plans to invest $7.1 billion in North America, where it set to add new production capacity.
Also, “Volkswagen has committed more money to going electric than any other car company, upping the figure to more than $100 billion by 2030. That will fund the shift away from internal combustion engines — which are powered by old-fashioned gasoline — for 14 different brands,” added NBC News.
Who will be the dominant EV maker?
No one knows just yet, but we do know it’s fueling quite an EV market boom.