A Reuters analysis of 29 global automakers found that they are investing at least $300 billion in electric vehicles, with more than 45 percent of that earmarked for China.

Global automakers are planning an unprecedented level of spending to develop and procure batteries and electric vehicles over the next five to 10 years, with a significant portion of their budgets targeted at China, according to a Reuters analysis of public data released by those companies.

Automakers’ plans to spend at least $300 billion on EVs are driven largely by environmental concerns and government policy, and supported by rapid technological advances that have improved battery cost, range and charging time. The accelerated rate of industry spending — much of it led by Germany’s Volkswagen — is greater than the economies of Egypt or Chile.

EV INVESTMENT FLOWS BY COUNTRY OF ORIGIN OF AUTOMAKER In billions of dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A significant portion of the global industry’s planned EV investment and procurement budget — more than $135 billion — will be spent in China, which is heavily promoting the production and sale of electric vehicles through a system of government-mandated quotas, credits and incentives. As a result, EV spending by major Chinese automakers from SAIC to Great Wall Motors could be matched or even exceeded by multinational joint-venture partners such Volkswagen, Daimler and General Motors.

 

An electric car charging station is seen at Chinese automaker Geely’s booth at the IEEV New Energy Vehicles Exhibition in October 2018.

Reuters analyzed investment and procurement budgets made public over the past two years by the automakers, which are based primarily in the United States, China, Japan, South Korea, India, Germany and France. The figures do not reflect planned investments and purchases that have not yet been publicized.

Actual spending by vehicle manufacturers on research and development, engineering, production tooling and procurement likely will be much higher. The analysis also does not include related spending by automotive suppliers, technology companies and large corporations in other industries, from energy and aerospace to electronics and telecommunications.

 

Volkswagen/Audi/Porsche

Germany

In December 2018, VW said it planned to spend $34 billion on e-mobility initiatives and $57 billion on battery procurement through 2025. It plans to introduce 50 battery electric and 30 hybrid electric models by 2025, including 12 electrified models for Audi. Eventually, VW will offer electrified versions of all 300 models in its 12-brand global portfolio, including 15 million vehicles off its dedicated EV platform by 2025. VW will invest $17 billion by 2022 with China partners SAIC, FAW and JAC to make electrified vehicles.

TOTAL EV INVESTMENT

$91 billion

BATTERIES ONLY

$57 billion

CHINA (PCT OF TOTAL)

$45.5 billion (50%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

 FAW
  SAIC
JAC

Daimler (Mercedes/Smart)

Germany

Daimler plans to unveil 130 electrified vehicles, including hybrids and fuel cells, by 2030, and has budgeted $30 billion for batteries. Its Smart brand goes all-electric by 2020, and Daimler is adding electric vans and heavy trucks to its fleet. It is jointly investing $1.9 billion in China with partner BAIC and is in talks with BJEV to make Smart EVs in China.

TOTAL EV INVESTMENT

$42 billion

BATTERIES ONLY

$30 billion

CHINA (PCT OF TOTAL)

$21.95 billion (52%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Geely
BYD
BAIC
   Nissan

Hyundai/Kia

South Korea

Hyundai and affiliate Kia are investing $20 billion over five years in electric and self-driving vehicles, as well as batteries. By 2025, the group expects to roll out 14 pure electric vehicles, 12 hybrids and two fuel cell electrics. It is investing $6.7 billion in fuel cells, and is developing a dedicated EV platform.

TOTAL EV INVESTMENT

$20 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

BAIC
       Dongfeng

Changan

China

Changan plans to end sales of combustion-engine vehicles by 2025, while it launches 21 new electric vehicles and 12 new hybrids by then. Its total electrification budget is $15 billion.

TOTAL EV INVESTMENT

$15 billion

CHINA (PCT OF TOTAL)

$15 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Ford
     Suzuki
  PSA
     Mazda
Nio
         Jiangling

Toyota

Japan

Toyota is investing $13.5 billion through 2030 on battery technology. It has a joint venture with Mazda and Denso to develop and build electric vehicles. Toyota plans to launch 10 electrified models in China by 2020, and electrified versions of all models by 2025. It expects to sell 5.5 million electrified vehicles globally by 2030.

TOTAL EV INVESTMENT

$13.5 billion

BATTERIES ONLY

$13.5 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

FAW
GAC
 Mazda
  Subaru

Ford

United States

Ford says it will launch 24 new hybrid and 16 new battery electric vehicles by 2022, and says 70 percent of its China vehicles will have eletrified powertrain options by 2025. Ford has a $750 million EV joint venture in China with Zotye.

TOTAL EV INVESTMENT

$11 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

         Changan
   Zoyte
 JAC
       Jiangling
        Mahindra

Fiat Chrysler

Italy/United States

By 2022, FCA’s Jeep will offer 10 plug-in hybrids, and four fully electric vehicle models. Maserati will launch eight plug-in hybrids and four full-electric versions by 2022. Alfa Romeo is to electrify its entire lineup, with up to seven plug-in hybrids.

TOTAL EV INVESTMENT

$10 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

GAC
BMW

Nissan

Japan

The Renault-Nissan alliance has a six-year R&D budget of $20 billion through 2022, and plans to build 17 pure battery-electric vehicles globally by 2022, including eight from Nissan, on common shared platforms. Nissan and partner Dongfeng are jointly investing $9 billion to build 20 electrified vehicles, including eight pure EVs, in China by 2022. Nissan also is investing $335 million in an EV and battery plant in Thailand.

TOTAL EV INVESTMENT

$10 billion

CHINA (PCT OF TOTAL)

$4.5 billion (45%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

    Dongfeng
Renault
   Mitsubishi

Renault

France

The Renault-Nissan alliance has a six-year R&D budget of $20 billion through 2022, and plans to build 17 pure battery-electric vehicles globally by 2022, including nine from Renault, on common shared platforms. Renault has a $220 million joint venture with Brilliance to build electric commercial vehicles in China.

TOTAL EV INVESTMENT

$10 billion

CHINA (PCT OF TOTAL)

$0.11 billion (1%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

      Dongfeng
    Brilliance
Nissan
     Mitsubishi

Tesla

United States

Tesla, which builds only electric vehicles, has budgeted up to $5 billion for capex for 2019-2020. It has said its new China vehicle and battery plant will cost $5 billion. Tesla still has not fully funded its $5 billion Nevada battery factory.

TOTAL EV INVESTMENT

$10 billion

BATTERIES ONLY

$5 billion

CHINA (PCT OF TOTAL)

$5 billion (50%)


General Motors (GM)

United States

GM is planning to roll out 23 new EVs by 2023, and by 2025 it plans to offer electrified versions of nearly all Chevrolet, Buick and Cadillac models sold in China. GM and partner SAIC will jointly build EV battery modules in China. GM also is investing in a new electric vehicle architecture and a new battery system, but has said only that it plans to spend $8 billion combined on electrification and automation over the next several years.

TOTAL EV INVESTMENT

$8 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Honda
SAIC
  Wuling
FAW

Great Wall

China

Great Wall plans to invest as much as $8 billion over 10 years, to develop hybrid and electric vehicles. It will partner with BMW to build Mini EVs in China.

TOTAL EV INVESTMENT

$8 billion

CHINA (PCT OF TOTAL)

$8 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

BMW

BMW/Mini

Germany

BMW plans to introduce 12 new battery electric vehicles and 13 plug-in hybrids. It is investing $340 million in a Leipzig EV plant and $225 million in a Munich battery plant. BMW is jointly investing $770 million with partner Great Wall to build Mini EVs in China.

TOTAL EV INVESTMENT

$6.5 billion

BATTERIES ONLY

$4.5 billion

CHINA (PCT OF TOTAL)

$0.385 billion (6%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Great Wall
Brilliance
Fiat Chrysler

GAC

China

GAC is launching 10 electric and hybrid vehicles through 2020. It is partnered with BYD on electric buses, and is building a $6.5 billion industrial park for EV/AV development and production.

TOTAL EV INVESTMENT

$6.5 billion

CHINA (PCT OF TOTAL)

$6.5 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

 Toyota
Honda
           Fiat Chrysler
BYD

Anhui Jianghuai Automobile (JAC)

China

JAC has a joint venture to build and sell EVs in China with VW. It also is building vehicles under license for Nio and Ford.

TOTAL EV INVESTMENT

$6 billion

CHINA (PCT OF TOTAL)

$6 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Ford
              Volkswagen
Nio

Mahindra & Mahindra

India

Mahindra’s $5.5 billion investment covers R&D, capacity expansion and development of a dedicated EV platform with affiliate Pininfarina.

TOTAL EV INVESTMENT

$5.5 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Ssangyong

Geely

China

Geely is investing $5 billion in a new EV manufacturing center in China. It has a joint venture with Kandi for low-priced EVs.

TOTAL EV INVESTMENT

$5 billion

CHINA (PCT OF TOTAL)

$5 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

      Daimler
  Volvo
  Kandi
        WM Motor
Lotus
  Proton

SAIC

China

SAIC is spending $3.8 billion through 2020 on electric and hybrid vehicle development, including joint development of EVs and batteries with partner GM. In addition, SAIC is jointly investing $2.45 billion with partner VW in a new EV plant in China.

TOTAL EV INVESTMENT

$5 billion

CHINA (PCT OF TOTAL)

$5 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  GM
               Volkswagen
      Wuling

Dongfeng

China

Dongfeng will begin EV production in 2019 in partnership with Renault Nissan. DFM is planning to introduce 40 electrified vehicles by 2023.

TOTAL EV INVESTMENT

$4.5 billion

CHINA (PCT OF TOTAL)

$4.5 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  PSA
      Renault
    Nissan
    Honda
Kia

BYD

China

BYD is spending $3 billion to quadruple EV battery production capacity in China. BYD and partner Daimler are increasing investment in their Denza electric vehicle venture by $60 million each. BYD is building electric trucks with GAC.

TOTAL EV INVESTMENT

$3.86 billion

BATTERIES ONLY

$3.8 billion

CHINA (PCT OF TOTAL)

$3.86 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

    Daimler
GAC

BAIC

China

BAIC plans to end sales of combustion-engine vehicles by 2025. It sells electric vehicles through its BJEV affiliate. BAIC is jointly investing $1.9 billion with Daimler in EV development, while affiliate BJEV is investing $1.5 billion to produce 500,000 EVs a year through 2022.

TOTAL EV INVESTMENT

$2.45 billion

CHINA (PCT OF TOTAL)

$2.45 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Daimler
 Hyundai

Jaguar Land Rover

United Kingdom

Jaguar Land Rover, a unit of India’s Tata, is planning to offer electrified versions of all its vehicles by 2020.

TOTAL EV INVESTMENT

$2.34 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Tata
  Chery

Tata

India

Tata is working with UK affiliate Jaguar Land Rover to develop future EVs and hybrids.

TOTAL EV INVESTMENT

$0.9 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Jaguar Land Rover

PSA Peugeot Citroen

France

Peugeot Citroen will launch 40 new electrified vehicles by 2025, including four pure electric models built on a dedicated EV platform. It has a $520 million joint venture with Changan to build EVs in China, and is investing $250 million to build EV motors.

TOTAL EV INVESTMENT

$0.77 billion

CHINA (PCT OF TOTAL)

$0.26 billion (34%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

  Dongfeng
 Changan

Volvo

Sweden

Volvo Cars, a unit of China’s Geely, will offer electrification options across its entire range by 2020, and is introducing five new all-electric models by 2021. Volvo is investing $725 million in its Polestar EV brand in China.

TOTAL EV INVESTMENT

$0.725 billion

CHINA (PCT OF TOTAL)

$0.725 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Geely

Honda

Japan

Honda plans to make its global portfolio two-thirds ‘electrified’ by 2030. It will buy EV batteries from GM. Honda is investing $180 million in an EV/battery plant in Thailand and another $130 million in India. It is jointly building a $470 million EV plant in China with partner GAC.

TOTAL EV INVESTMENT

$0.545 billion

CHINA (PCT OF TOTAL)

$0.235 billion (43%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

 GM
  GAC
          Dongfeng

Chery

China

Chery’s future electric and hybrid models will be built on a new dedicated platform and sold under the Exeed brand.

TOTAL EV INVESTMENT

$0.435 billion

CHINA (PCT OF TOTAL)

$0.435 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

Jaguar Land Rover

FAW

China

FAW established a joint venture with Audi in early 2017 to develop and build China Evs. FAW is jointly developing hybrids with Toyota, and has invested $250 million in EV startup Byton. FAW’s premium Hongqi brand will unveil 15 new electric vehicles by 2025.

TOTAL EV INVESTMENT

$0.25 billion

CHINA (PCT OF TOTAL)

$0.25 billion (100%)

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

                     Volkswagen/Audi
    Toyota
    Mazda
GM
        Xiaopeng
  Byton

Mazda

Japan

Mazda aims to sell only hybrids and battery electric vehicles by 2030.

TOTAL EV INVESTMENT

$0.25 billion

AFFILIATIONS

Joint ventures, partnerships, investments, licensing agreements and purchasing deals

    Changan
Toyota

 

 

Correction: A previous version of this graphic incorrectly labeled GM as a German automaker under the SAIC description. GM is an American automaker.
Additional work by Ashlyn Still
Editing by Ed Tobin
REUTERS GRAPHICS

 

 

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