Tidal Wave of Spending on EVs

Climate Denial Crock of the Week

Reuters via Nikkei Asian Review:

DETROIT, U.S. (Reuters) — Ford Motor Co’s plan to double its electrified vehicle spending is part of an investment tsunami in batteries and electric cars by global automakers that now totals $90 billion and is still growing, a Reuters analysis shows.

That money is pouring in to a tiny sector that amounts to less than 1 percent of the 90 million vehicles sold each year and where Elon Musk’s Tesla Inc, with sales of only three models totaling just over 100,000 vehicles in 2017, was a dominant player.

With the world’s top automakers poised to introduce dozens of new battery electric and hybrid gasoline-electric models over the next five years – many of them in China – executives continue to ask: Who will buy all those vehicles?

“We’re all in,” Ford Motor Executive Chairman Bill Ford Jr said of the company’s $11 billion investment, announced…

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