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The world’s largest automakers plan to invest $1.2 trillion in electric cars by 2030, according to new estimates. This amount is more than double the $600 billion that was forecast a year ago, and dwarfs all previous funding estimates. Even Google parent Alphabet is investing billions in electrifying its cars.
Bipartisan Infrastructure Law supercharges America’s efforts to build a national network of 500,000 EV chargers
A recent Bipartisan Infrastructure Law has provided $5 billion in funding to build a national network of EV chargers. The money will be distributed over the next five years to states and localities to help build the charging infrastructure they need to support electric vehicles. States will be able to use this funding to build new chargers, upgrade existing ones, and operate and maintain them. The legislation also gives states the ability to award grants to nonprofits, public organizations, and private companies. It also requires states to include equity measures in their selection process to ensure that rural and poor communities receive their fair share of federal funds.
The Bipartisan Infrastructure Law has several provisions to improve the country’s infrastructure and increase access to clean water, high-speed internet, and EV charging infrastructure. While it has yet to be implemented, it is expected to provide incentives for consumers to purchase electric vehicles and build a national network of charging stations. The federal government is also hoping to make the network of chargers interoperable so they can charge any electric vehicle.
Tesla to build 20 million EVs in 2030
Tesla’s Chairman of the Board, Robyn Denholm, has spoken about the company’s goal to build 20 million electric vehicles by 2030. Denholm also outlined some of the company’s milestones in the years leading up to 2030. By doing so, the company is hoping to cement the future of electric vehicles and change consumer perceptions.
To meet that goal, Tesla is expanding production across the world and has announced plans to build 10-12 new Gigafactories by 2030. With more than a billion dollars invested in new production facilities, Tesla plans to produce up to 20 million electric vehicles per year by 2030.
Toyota invests $70 billion in electrifying cars
Toyota has announced plans to invest $70 billion in electrifying its car lineup by 2025. The money will go toward new electric vehicles and battery production. Toyota has also committed to building battery factories in the United States and sharing its existing battery technology with other automakers. This investment will enable Toyota to offer affordable, mass-produced electric vehicles.
In December, Toyota announced plans to build a battery plant in North Carolina. The plant will employ 1,750 people, generating $1.2 billion in revenue for the company. The company also said it plans to invest $70 billion in its electrification strategy worldwide.
General Motors builds new factory in South Carolina
GM has recently announced plans to build a $2.3 billion battery factory next to its current plant in Spring Hill, Tenn. The plant will use cutting-edge manufacturing processes to produce battery cells more efficiently and with minimal waste. The new facility will also help GM meet its goal to drive battery costs down. The new plant will be the largest GM production facility in North America, and it will soon produce electric vehicles.
The new facility will process Cathode Active Material, which makes up 40% of the cost of a battery cell. The new facility will employ more than 2,000 workers, but the company did not give details about the number of jobs it will create. The union that represents auto workers in the state did not have immediate comment on Wednesday’s news. However, it has said in the past that it will organize the two South Carolina vehicle plants.