Positive Future #11 (Feature photo – Basic Internal Combustion Engine – CCA SA 3.0 Unported)
Over the past few months, the dollar signs have been off the charts relative to car manufacturer spending on electric car development.
Volkswagen made news recently by announcing that it will spend $40 billion over the next five years on electrification of its cars and autonomous driving technology. Ford has committed $4.5 billion over the next few years on electric car development. Not to be outdone, General Motors plans to introduce 20 electric car models over the next six years.
Between manufacturer spending and consumer spending on plug-in electric cars, the pool of money competing with internal combustion engines is on a steep upward trajectory. Two years ago (2015), global car buyers purchased 550,000 electric plug-in cars. In 2017 that number is expected to be 1.1 million – a doubling of sales in just two years.