In January 2021 MJB&A, an ERM Group company published the third update to their report Electric Vehicle Market Status.
The report highlights that globally auto makers have committed to spend $257 billion (up from $185 billion in the last report) on vehicle electrification over the next 10 years, including at least $2211 billion on domestic U.S. manufacturing, supporting the view that the auto industry has embraced the vision of electrified mobility and the EV market is on the cusp of a period of significant growth.
This update also notes that EV momentum continued to build in 2020, despite economic fall-out from the COVID19 pandemic.
While some high-profile electric vehicle launches were delayed in 2020 (Rivian electric pickups, GM electric Hummer) some existing EV models (Chevy Bolt, Audi e-tron, Nissan Leaf) saw significant sales increases, despite an 18% reduction in over-all US auto sales through the first three quarters of the year.
Both GM and Ford increased their financial commitments to EV development in 2020, and VW increased their EV sales projections by four4 million vehicles through 2030.
“Despite a bad year for autos generally due to the pandemic, auto manufacturer commitments to an electric future actually increased substantially in 2020” ” said Dana Lowell, MJB&A Technical Director who consults with the Transportation sector.
“Consumers also showed strong interest, with sales of several existing EV models increasing while sales of ICE vehicles declined. Interest in the new vehicles that will soon be launched was also strong, especially larger electric trucks.
“Lordstown Motors has received 100,000 orders for the Endurance all electric pickup truck that will debut next year, and the 2022 GMC Hummer EV sold out pre-orders in 10 minutes.”
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