Auto Industry to Spend $1.2 Trillion by 2030 on the Transition to Electrification

The 119th State of the Fleet Industry video produced by Automotive Fleet offers insights into the state of the fleet market as presented by AF Editor Mike Antich. Today's topics include: Altogether automakers — globally — plan to double their EV spending to $1.2 trillion to build 54 million battery-electric vehicles by 2030. Today’s current transition to EVs dwarfs the cost of the Apollo space program. In fact, today’s transition to electrification will invest $1 trillion more than what it cost to put 12 people on the moon. Globally, automakers are forecasting that half of their total worldwide vehicle production will be EVs by 2030. And it will take $1.2 trillion to achieve this goal. A new tax credit under the Inflation Reduction Act is anticipated that will be that provides a $7,500 tax credit for commercial EVs with no restrictions on battery sourcing or manufacturing. Make sure you're signed up for the AF newsletter so you don't miss another State of the Fleet Industry video. 📰 Sign up for the Automotive Fleet newsletter. 🚗 Visit Automotive Fleet for more fleet industry content. 🎥 You can watch these episodes on the Automotive Fleet YouTube Channel! 🤝 Follow and connect with Automotive Fleet on social media! Connect with Automotive Fleet on LinkedIn. Like Automotive Fleet on Facebook. Follow Automotive Fleet on Twitter.