Electric Vehicle Revolution 2.0 is Fueled By Investment Billions
Despite rising Electric Vehicle fortunes, the presumptive powertrain of the future is still a struggling 2 percent of total US annual vehicle sales.
The irony of the EV era dawning at a time of sustained low fossil fuel costs and reduced personal vehicle demand due to ride-sharing and urbanization – an now the pandemic — is not lost those eyeing the green car movement but waiting for technology to catch up to the promise of an all-electric future.
Today the EV revolution is driven by an unprecedented investment wave of $100 billion in a new generation of electrified products. GM is spending $20 billion kicking off with the new GMC Hummer Electric all-terrain vehicle. Ford is launching its new $11 billion EV program with the iconic Mustang name tagging a new Mach-E small cross-over.
While Elon Musk and Tesla get an out-sized share of the attention in the EV market, with a market cap rate that portends a wild ride, the carmakers to watch are Nissan, Volvo, Hyundai and startups like Rivian, Lucid and Lordstown Motors.
Significantly hybrid pioneer Toyota has no EVs scheduled until 2025.