Automakers electric vehicle investment plans

A Reuters analysis of 37 global automakers found that they plan to invest nearly

$1.2 trillion

in electric vehicles and batteries through 2030

The world’s top automakers are planning an extraordinary level of spending to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, over the next eight years, according to a Reuters analysis of public data and projections released by those companies.

In the third installment in this series since 2019, Reuters calculates that global automakers expect to spend nearly $1.2 trillion through 2030 on EVs, batteries and materials. The number, which has not previously been published, dwarfs previous investment estimates by the industry and is more than twice the previous calculation published just a year ago.

Company
Brands
Partnerships
2030 Battery Capacity
Planned EV production in 2030
Battery Investment
EV Investment

BAIC
Arcfox, Foton, Changhe
Battery partners: SK On, CATL, Guoxuan
OEM partners: Geely, Mercedes, Hyundai
Planned EV production in 2030
Battery Investment
EV Investment
$3.5B
BAIC plans to end sales of combustion-engine vehicles by 2025. It sells electric vehicles through its BJEV affiliate, which is developing a family of Arcfox models on three EV platforms. BAIC is jointly investing $1.9 billion with Mercedes in EV development, while affiliate BJEV is investing $1.5 billion to produce 500,000 EVs a year. BAIC's Blue Park affiliate aims to raise $1.2 billion to support development of new vehicles and platforms and to expand production.
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BMW
BMW, Mini, Rolls-Royce
Battery partners: Envision AESC, Northvolt, CATL, EVE Energy, Samsung SDI, Solid Power, ONE
Materials partners: European Lithium, Glencore, Ganfeng Lithium, Green Lithium, Lilac Solutions, Livent, Managem, Mangrove Lithium, Umicore
OEM partners: Great Wall, Brilliance, Stellantis
2030 Battery Capacity: 120 gWh
120 gWh
Planned EV production in 2030
Battery Investment
EV Investment
1.5M
$10B
$26.5B
BMW has said it is spending $26.5 billion to double its planned volume of batteries and develop the next generation of electric drive, and that at least half its vehicles will be all-electric by 2030, many of them based on the flexible New Cluster Architecture (NCAR) the company plans to launch in 2025. Its Mini and Rolls-Royce brands will be all-electric by 2030. BMW also is developing a new generation of cylindrical battery cells, and has awarded more than $10 billion in battery production contracts to CATL and EVE Energy. The company expects to open six battery gigafactories globally with partners. It plans to spend $1.1 billion to develop and produce e-drives at its Steyr plant in Austria, beginning in 2025. It is also spending $400 million to upgrade its home plant in Munich, and is building a new plant in Hungary to produce its Neue Klasse EVs in 2025. BMW said it would spend $1.7 billion to convert its South Carolina plant to EVs and build a companion battery plant with partner Envision AESC.
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BYD
BYD, Denza
Materials partners: Chengxin Lithium, Easpring, Shanshan, Youngy Lithium
OEM partners: Toyota, Daimler, GAC, FAW
2030 Battery Capacity: 489 gWh
489 gWh
Planned EV production in 2030
Battery Investment
EV Investment
$7.2B
$10B
BYD opened its $2.4 billion Hefei plant in mid-2022, with new plants in Zhengzhou, Jinan and Xiangyang also under construction. Also in mid-2022, the company opened its $1.9 billion battery plant in Shaoxing. It is spending $3 billion to construct an additional production facility near its Shenzhen headquarters, and another $1.15 billion on a battery manufacturing plant in Nanning. The automaker also is spending $4.2 billion to construct a battery plant in Yichun and $2.2 billion on a battery plant in Fuzhou. BYD is investing another $500 million to build EVs at a new plant in Thailand.
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Changan
Oshan, Avatr, Shenlan
Battery partners: CATL, BYD, CALB, A123
OEM partners: Ford, Suzuki, Stellantis, Mazda, Nio, Jiangling, Huawei
Planned EV production in 2030
Battery Investment
EV Investment
2.7M
$7.5B
$7.5B
Changan is investing $15 billion in smart electric vehicles through 2026. Changan has developed a dedicated EV architecture and its own e-drive system.
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Chery
iCar, Exeed
Battery partners: Guoxuan, A123
OEM partners: Jaguar Land Rover, Huawei
Planned EV production in 2030
Battery Investment
EV Investment
$7B
Chery in 2022 said it plans to spend more than $14 billion through 2027, mainly on development and production of smart electric vehicles. Chery's investment in electric vehicles includes new production capacity in China for its joint venture with Jaguar Land Rover.
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Dongfeng (DFM)
M Hero, Skio, Voyah, Aeolus, Fengshen
Battery partners: CATL, Guoxuan, Sunwoda
OEM partners: Stellantis, Renault, Nissan, Honda, Kia
Planned EV production in 2030
Battery Investment
EV Investment
$15.5B
Dongfeng is investing $15.5 billion through 2026 in smart new energy vehicles. It plans to sell one million electrified vehicles in 2025, including 150,000 from its premium Voyah brand.
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FAW
Hongqi, Jiefang
Battery partners: BYD, CATL
OEM partners: VW/Audi, Toyota, Mazda, GM, Xpeng, BYD, Leapmotor
Planned EV production in 2030
Battery Investment
EV Investment
$3.5B
FAW and Toyota are building a $1.2 billion electric vehicle plant in Tianjin. FAW also has a $4.5 billion joint venture to develop and build EVs with Audi, including a new $2.25 billion EV plant in Changchun that is slated to open in late 2024.
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Ford
Ford, Lincoln
Battery partners: LGES, SK On, Panasonic, Samsung SDI, Solid Power
Materials partners: BHP, Huayou Cobalt, Ioneer, Lake Resources, Lilac Solutions, Liontown Resources, Rio Tinto, Syrah Resources, Vale
OEM partners: Volkswagen, Changan, JAC, Jiangling
2030 Battery Capacity: 240 gWh
240 gWh
Planned EV production in 2030
Battery Investment
EV Investment
3M
$7B
$43B
In early 2022, Ford said it would boost EV and battery spending to $50 billion through 2026, as it announced plans to build more than 2 million EVs in 2026, about one-third of its annual global production, with EVs rising to 50% of its total volume by 2030. It is developing two dedicated BEV platforms, one for trucks and vans and one for cars and crossover, and will also use VW's MEB platform in Europe. Ford is spending $2 billion to convert its Cologne plant to produce EVs starting in 2023. Ford's BlueOval SK battery joint venture with SK On is investing $11.4 billion in three US battery factories.
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GAC
GAC, Aion, Hycan, Trumpchi
Battery partners: CATL, CALB, Sunwoda
OEM partners: Toyota, Honda, Stellantis, Mitsubishi, BYD, SAIC, Nio
Planned EV production in 2030
Battery Investment
EV Investment
$15.5B
GAC is investing $15.5 billion in smart new energy vehicles, including development of a dedicated GEP platform for its future EVs, as well as motors and drivetrain. GAC and partner Toyota are investing $1.6 billion to expand electrified vehicle production in Guangzhou. GAC and partner Honda are investing more than $900 million to expand electrified vehicle production, including $500 million to build an EV assembly plant in Guangzhou that is to open in 2024.
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Geely
Geely, Volvo, Lotus, Polestar, Lynk & Co, Zeekr, Radar, Geometry, Smart, London Taxi, Proton, Livan, Hanma
Battery partners: CATL, LGES, Farasis, CALB, Sunwoda, SK On
OEM partners: Mercedes, Volvo, Renault, Lotus, Proton, Lifan, Baidu, WM Motor
Planned EV production in 2030
Battery Investment
EV Investment
$6.2B
$5B
Geely in 2021 said it planned to invest $4.6 billion in a new EV battery plant in Ganzhou and $1.6 billion for a battery plant in Yueyang. The automaker also plans to build a $1.5 billion assembly plant in Guangzhou, as part of a broader $10 billion-plus EV investment plan.
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General Motors
Buick, Cadillac, Chevrolet, GMC, BrightDrop, Baojun, Wuling
Battery partners: LGES
Materials partners: Controlled Thermal Resources, Glencore, Livent, Posco Chemical
OEM partners: Honda, SAIC, Wuling, FAW
2030 Battery Capacity: 140 gWh
140 gWh
Planned EV production in 2030
Battery Investment
EV Investment
3M
$7.5B
$27.5B
GM is spending $35 billion through 2025 on electrification and automation, with most of that going to EVs and batteries, including the Ultium joint venture with Korean partner LGES which is planning four battery plants in North America. GM says it expects to build and sell at least 1 million BEVs each in China and North America in 2025; most of them will be built on one of three dedicated BEV platforms. GM aims to be carbon-neutral globally by 2035.
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Great Wall
Ora, Wey, Shalong, Haval
Battery partners: Svolt, Farasis, LGES
Materials partners: Pilbara Minerals
OEM partners: BMW
Planned EV production in 2030
Battery Investment
EV Investment
$15.5B
Great Wall is investing $15.5 billion through 2026 on R&D, focusing on development of new BEV, PHEV and FCEV models. It is partnering with BMW to build Mini EVs in China. Great Wall has developed a dedicated ME platform for electric vehicles sold under the Ora brand.
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Honda
Honda, Acura
Battery partners: CATL, LGES, Blue Energy, Ultium, Envision AESC
Materials partners: Hanwa
OEM partners: GM, GAC, DFM
2030 Battery Capacity: 96 gWh
96 gWh
Planned EV production in 2030
Battery Investment
EV Investment
2M
$2.2B
$37.8B
Honda is spending $40 billion on vehicle electrification through 2030, with plans to roll out 30 new BEV models in global markets. The company aims to sell 2 million EVs in 2030. Honda will get two BEVs from partner General Motors in 2024, and is developing its own dedicated e:Architecture. The GAC Honda joint venture is investing $500 million to build an EV assembly plant in Guangzhou that is to open in 2024. Honda said it is developing solid-state batteries, targeted for production after 2025.
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Hyundai/Kia
Hyundai, Kia, Genesis, Ioniq
Battery partners: LGES, SK On, Solid Power, Factorial Energy, CATL
OEM partners: BAIC, DFM, Arrival
2030 Battery Capacity: 289 gWh
289 gWh
Planned EV production in 2030
Battery Investment
EV Investment
3M
$23.6B
In early 2022, Hyundai said it will spend $16.2 billion to introduce 17 new EVs by 2030, including six for the Genesis brand. Hyundai EVs will be sold under the Ioniq sub-brand. The group, including Kia, expects to sell 3 million EVs in 2030, including fuel-cell vehicles. In mid-2022, the group said Hyundai and Kia will spend $7.4 billion through 2026 on EV production facilities in the US, including a $5.5 billion dedicated EV plant in Georgia that could open in late 2024. At mid-decade, Hyundai plans to introduce two new EV architectures, called EM and ES.
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Jaguar Land Rover
Jaguar, Land Rover, Range Rover
Battery partners: Samsung SDI, LGES
OEM partners: Tata, Chery
Planned EV production in 2030
Battery Investment
EV Investment
$12B
JLR is spending $3 billion a year through 2026 on electrification and connected services. The Jaguar brand will be all-electric by 2025, while Land Rover will introduce six all-electric models by 2026 and will be fully electric by 2030. Jaguar and Land Rover will use two different EV platforms EMA, or Electrified Modular Architecture, and MLA, or Modular Longitudinal Architecture . The company is converting its Halewood plant in the UK to build the first all-electric Land Rover in 2024.
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Jianghuai (JAC)
Sol, Sehol
Battery partners: Guoxuan
OEM partners: Ford, VW, Nio, Huawei
Planned EV production in 2030
Battery Investment
EV Investment
$1B
JAC has a joint venture to build and sell EVs in China with VW. It also is building electric vehicles under license for Nio and Ford.
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Jidu
Jidu
OEM partners: Geely, Baidu
Planned EV production in 2030
Battery Investment
EV Investment
$7.7B
Jidu, jointly owned by Baidu and Geely, expects to deliver its first vehicle in late 2022, based on Geely's SEA platform. Baidu and Geely have said they plan to jointly invest $7.7 billion in Jidu through 2026.
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Li Auto
Li
Battery partners: CATL, Sunwoda
Planned EV production in 2030
Battery Investment
EV Investment
2M
$2B
Li Auto in 2022 issued $2 billion worth of new shares to help fund vehicle development and expansion of production.
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Lucid
Lucid
Battery partners: Samsung SDI, LGES
Planned EV production in 2030
Battery Investment
EV Investment
0.5M
$8B
Lucid, which opened its Arizona plant in late 2020, said it plans to build a second plant in Saudi Arabia, while expanding capacity in Arizona. Planned capex from 2022-2026 is around $6 billion.
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Mahindra
Mahindra, XUV, BE, Pininfarina
Battery partners: LGES
OEM partners: Volkswagen, Ssangyong
Planned EV production in 2030
Battery Investment
EV Investment
$1B
Mahindra's $1 million investment through 2027 covers R&D, capacity expansion and development of a dedicated EV platform with affiliate Pininfarina.
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Mazda
Mazda
Battery partners: Panasonic, Primearth
OEM partners: Changan, Toyota
Planned EV production in 2030
Battery Investment
EV Investment
$1B
Mazda will introduce a dedicated Skyactiv EV Scalable Architecture (SESA) in 2025, on which the company will build several fully electric models in a variety of sizes and body types by 2030. In the near term, Mazda plans to launch five hybrids, five plug-in hybrids and three all-electric cars between 2022 and 2025, as part of an ongoing collaboration with Toyota, and is jointly investing $2 billion in a new US plant. Mazda expects BEVs to account for 25% of its sales by 2030, with all other models offering some form of electrification.
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Mercedes-Benz
Mercedes, Smart, Maybach, AMG, Denza
Battery partners: LGES, SK On, CATL, Farasis, Envision AESC, Factorial Energy, StoreDot
Materials partners: Rock Tech Lithium, Sila Nano
OEM partners: Geely, BYD, BAIC, Nissan, Rivian
2030 Battery Capacity: 200 gWh
200 gWh
Planned EV production in 2030
Battery Investment
EV Investment
$30B
$17B
Mercedes plans to unveil 130 electrified vehicles, including hybrids and fuel cells, by 2030, and has budgeted at least $47 billion between 2022-2030 for EVs, including at least $30 billion for batteries. Its Smart and AMG brands are going all-electric, and the Mercedes brand plans to go all-electric by 2030 "where market conditions allow." The Mercedes brand introduced a dedicated Electric Vehicle Architecture (EVA) in 2020 for large vehicles, followed in 2024 by Mercedes Modular Architecture (MMA) for small cars. In 2025, it will launch three new dedicated EV platforms: MB.EA for medium to large passenger vehicles; AMG.EA for performance vehicles, and VAN.EA for purpose-built electric commercial vehicles. Daimler acquired startup Yasa to bring e-drive development in-house. Daimler also expects to set up eight battery cell gigafactories (including 4 in EU, 1 in US, 1 in China, 1 in Thailand), with more than 200gWh capacity combined, with partners around the world.
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Nio
Nio, ALPS
Battery partners: CATL, CALB, BYD, WeLion, Sunwoda
OEM partners: JAC, GAC, Changan
Planned EV production in 2030
Battery Investment
EV Investment
$1B
$2.5B
Nio aims to open a battery manufacturing plant in Hefei in 2024. In 2021, Nio said it would partner with Hefei to develop a $7 billion EV industrial cluster in Xinqiao called NeoPark that will build vehicles and batteries.
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Nissan
Nissan, Infiniti
Battery partners: Envision AESC, LGES, CATL, Sunwoda
OEM partners: DFM, Renault, Mitsubishi
2030 Battery Capacity: 130 gwh
130 gwh
Planned EV production in 2030
Battery Investment
EV Investment
2M
$5B
$12.6B
Nissan is spending $17.6 billion through 2026 on electrification, including EV and battery production. Nissan plans to roll out 23 new electrified models by 2030, including 15 all-electric vehicles.
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Renault
Renault, Dacia, Alpine, Lada
Battery partners: Envision AESC, LGES, Verkor
Materials partners: Vulcan Energy, Managem, Terrafame
OEM partners: DFM, Geely, Brilliance, Nissan, Mitsubishi, Samsung
2030 Battery Capacity: 90 gWh
90 gWh
Planned EV production in 2030
Battery Investment
EV Investment
1M
$2.4B
$9.4B
Renault is investing $11.8 billion in electrification through 2025, and plans to launch 10 electric cars. By 2030, it expects that 90% of its lineup will be all-electric vehicles as it moves away from an earlier plan to rely on hybrids. Renault expects to sell 1 million EVs a year by 2030, many of them built on a dedicated CMF-EV platform to be shared with Alliance partners Nissan and Mitsubishi.
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Rivian
Rivian
Battery partners: Samsung SDI
OEM partners: Mercedes
2030 Battery Capacity: 100 gWh
100 gWh
Planned EV production in 2030
Battery Investment
EV Investment
1M
$2.5B
$5.5B
Rivian is building a second U.S. assembly plant outside Atlanta, at an estimated cost of $5 billion, slated to open in 2025. The company also is spending $2 billion to ramp up production at its Normal plant in Illinois, with annual capex averaging $2 billion through 2025.
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SAIC
SAIC, Wuling, Zhiji, IM, Maxus, MG, Roewe, Rising Auto
Battery partners: CATL, CALB, Guoxuan, Sunwoda
Materials partners: Tsingshan
OEM partners: GM, VW, Wuling, GAC, WM Motor
Planned EV production in 2030
Battery Investment
EV Investment
$1B
$24B
SAIC is investing $46 billion through 2026 in in innovation, including an estimated $25 billion smart electric vehicles. The SAIC Volkswagen joint venture is investing $20 billion on smart new energy vehicles through 2025, while the SAIC-General Motors joint venture is investing nearly $8 billion on EVs over the same period. SAIC is investing more than $800 million in a joint venture with Alibaba, called Zhiji Auto, to build premium electric vehicles in China.
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Stellantis
Peugeot, Citroen, DS, Opel, Vauxhall, Fiat, Alfa Romeo, Maserati, Ferrari, Lancia, Chrysler, Dodge, Jeep, Ram
Battery partners: ACC, CATL, BYD, Svolt, LGES, Samsung SDI, Factorial Energy
Materials partners: Controlled Thermal Resources, Vulcan Energy
OEM partners: GAC, BMW, DFM, Changan
2030 Battery Capacity: 400 gWh
400 gWh
Planned EV production in 2030
Battery Investment
EV Investment
3M
$24B
$11.5B
Stellantis is spending $35.5 billion through 2025 on electrification, including BEVs and PHEVs, in its major markets. All brands will be electrified by 2030, with BEVs and PHEVs representing 70% of the company's lineup in Europe and 40% in North America. Stellantis also plans to launch four full BEV platforms: STLA Small, Medium, Large and Frame. Battery cells will be supplied in part by ACC, the joint venture formed by Stellantis and Total-Saft, as well as LGES, CATL, BYD, Samsung SDI and Svolt.
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Tata
Tata
Battery partners: GS Yuasa
OEM partners: Jaguar Land Rover
Planned EV production in 2030
Battery Investment
EV Investment
$2B
Tata plans to invest more than $2 billion in EV development through 2026. It is working with UK affiliate Jaguar Land Rover to develop future EVs and hybrids, as well as a Pure EV architecture.
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Tesla
Tesla
Battery partners: Panasonic, LGES, CATL, BYD
Materials partners: Albemarle, BHP, CNGR, Core Lithium, Fangyuan, Ganfeng Lithium, Glencore, Huayou Cobalt, Vale, Kamoto Copper, Liontown Resources, Livent, Minara Resources, Norilsk Nickel, Prony Resources, Sumitomo Metal, Syrah Resources, Talon Metals, Umicore, Yahua Lithium
2030 Battery Capacity: 3.0 tWh
3.0 tWh
Planned EV production in 2030
Battery Investment
EV Investment
20M
$400B
$100B
Elon Musk has said Tesla aims to build 20 million electric vehicles in 2030, with cumulative production reaching 100 million by then. Musk says that will require the construction of new gigafactories with annual capacity of 1.5-2.0 million each, at a total cost of up to $100 billion. Musk also says Tesla will require 3.0 tWh of battery capacity in 2030, at an estimated cost of more than $200 billion. To feed that capacity, the company will require raw and refined battery materials worth another $200 billion or more, pushing Tesla's total costs well over $500 billion by 2030.
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Toyota
Toyota, Lexus, Daihatsu, Hino
Battery partners: CATL, Panasonic, GS Yuasa, Toshiba, EV Energy, Fin Dreams (BYD), Prime Planet
Materials partners: BHP, Ioneer
OEM partners: BYD, FAW, GAC, Mazda, Subaru, Suzuki, Daihatsu
2030 Battery Capacity: 200 gWh
200 gWh
Planned EV production in 2030
Battery Investment
EV Investment
3.5M
$13.6B
$56.4B
Toyota is investing $70 billion through 2030 to electrify vehicles, with half the sum going to BEVs. It plans to install more than 200gWh of battery production capacity by then. The automaker is planning to offer 70 electrified models globally by 2025, including 15 BEVs seven of them marketed as part of the new bZ series on new dedicated platforms such as e-TNGA and has said it expects to sell 8 million electrified vehicles globally by 2030, including 3.5 million BEVs and FCEVs. By 2030, it plans to offer 30 different BEV models, and eventually plans to make the entire Lexus range battery electric.
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VinFast
VinFast
Battery partners: ProLogium
2030 Battery Capacity: 20 gWh
20 gWh
Planned EV production in 2030
Battery Investment
EV Investment
1M
$2B
$4.5B
VinFast in 2022 said it plans to build an EV manufacturing complex in North Carolina that it expects to open in 2024, with an initial investment of $2 billion. Eventually, the complex will include a battery assembly operation, with total investment that could hit $6.5 billion.
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Volvo
Volvo, Polestar
Battery partners: LGES, Northvolt, CATL, StoreDot
OEM partners: Geely
2030 Battery Capacity: 65 gWh
65 gWh
Planned EV production in 2030
Battery Investment
EV Investment
0.8M
$3.3B
$3.75B
Volvo is spending $1.5 billion a year on R&D, including electrification. The company, owned by China's Geely group, says 50% of its sales will be fully electric by 2025, and the rest hybrids, with BEVs growing to 100% by 2030. In late 2021, the company said it would spend $3.3 billion on development and manufacturing of EV batteries. In early 2022, Volvo said it would spend $1 billion to overhaul and upgrade its Torslanda plant in Sweden to produce all-electric vehicles.
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VW Group
VW, Audi, Porsche, Seat, Skoda, Lamborghini, Bentley, Bugatti, Scania, MAN, Navistar
Battery partners: LGES, SK On, Northvolt, CATL, Samsung SDI, Guoxuan (Gotion), QuantumScape
Materials partners: Ganfeng Lithium, Huayou Cobalt, Tsingshan, Nano One, Umicore, Vulcan Energy, CBMM
OEM partners: FAW, SAIC, JAC
2030 Battery Capacity: 240 gWh
240 gWh
Planned EV production in 2030
Battery Investment
EV Investment
5M
$57B
$55B
The VW Group is spending at least $55 billion through 2030 on vehicle electrification, including $7.1 billion in North America, as it aims to become the world's largest maker of electric vehicles. VW's Audi unit alone is spending nearly $18 billion during that time frame. From 2020-2030, the group is launching 70 all-electric models. Most of the initial BEV models will be built on variations of the standard MEB platform or the premium PPE platform, both of which will be replaced by single Mechatronics Platform (SSP) that can cover the full portfolio, from compact to luxury and from 85 to 850 kW. By 2030, VW expects 70% of its models in Europe to be BEV and 50% in China and North America. VW's global EV spending includes a combined investment in China of $17.5 billion with local partners SAIC, FAW and JAC. The FAW-Audi joint venture in 2022 said it is investing $2.25 billion in a new EV plant in Changchun that is slated to open in late 2024. VW previously outlined plans to spend at least $57 billion on batteries, including $20 billion to build at least six gigafactories in Europe through its subsidiary, Power Co.
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WM Motor
WM
Battery partners: CATL, LGES
OEM partners: SAIC
Planned EV production in 2030
Battery Investment
EV Investment
$1.5B
In late 2021, WM Motor negotiated a $1.7 billion credit facility with Chinese banks and raised $500 million from investors, to help fund product development and expansion. The company has said it plans to invest $1.5 billion in EV development.
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Xiaomi
TBD
Battery partners: CATL, BYD
Planned EV production in 2030
Battery Investment
EV Investment
$10B
Cellphone maker Xiaomi said in 2021 that it expects to invest up to $10 billion over 10 years to enter the EV business, with the first production cars slated in 2024 from the new Yizhuang plant.
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Xpeng
Xpeng
Battery partners: SK On, CATL, CALB, Sunwoda
OEM partners: FAW
Planned EV production in 2030
Battery Investment
EV Investment
$3.5B
Xpeng is spending about $2.5 billion on R&D through 2025. The company said in 2022 that it will build a new assembly plant as part of a planned industrial complex in Zhaoqing.
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Sources

Benchmark Mineral Intelligence, Reuters analysis of company data

Edited by

Lisa Shumaker