In 2019, the auto industry finally started acting like its future was electric. How do we know? Just follow the money.
General Motors just announced it was spending US $20 billion over five years to bring out a new generation of electric vehicles. Volkswagen Group has pledged $66 billion spread over five years, most of it for electric propulsion. Ford hopes to transform its lineup and image with an $11.5 billion program to develop EVs. And of course, Tesla has upstaged them all with the radical, scrapyard-from-Mars Cybertruck, a reminder that Elon Musk will remain a threat to the automotive order for the foreseeable future.
This past year, I saw the first fruit of Volkswagen Group’s massive investment: the Porsche Taycan, a German sport sedan that sets new benchmarks in performance and fast charging. It lived up to all the hype, I’m happy to say. As for Tesla and Ford, stay tuned. The controversial Tesla Cybertruck, the hotly anticipated Ford Mustang Mach-E, and the intriguing Rivian pickup and SUV (which has been boosted by $500 million in backing from Ford) are still awaiting introduction. EV fans, as ever, must be patient: The Mach-E won’t reach showrooms until late this year, and as for the Rivian and Cybertruck, who knows?
Full Article HERE.