Auto-manufacturers have gone all in on electric vehicles, promising more models at a variety of price points for a variety of different drivers coming out right now and over the next several years. Nearly every mainstream manufacturer has EV models and plans to expand their line in the future.
Why? The EV revolution was always going to come, but major changes to the industry between 2019-2021 drove change at a faster rate. According to Business Insider, manufacturers are keeping promises they made in 2019 to invest $225 billion in new EVs over the course of the next several years.
Societal reasons have also put EV production on the map for most manufacturers. While most auto makers faced a steep financial loss in 2020 as quarantine and virus fears stopped people from going out and test driving cars, the EV market continued to grow. In addition, the role of pollution in respiratory health has become well-known, and President Biden’s new $1.9 trillion recovery plan includes plenty of investments in electric vehicles and EVSE. For a variety of reasons, the EV revolution is now and auto makers are meeting the moment.
In 2019, GM announced that more electric vehicles will become available through their Cadillac line, even hinting the line may be all electric by 2030. An EV version of their popular luxury SUV, the Escalade, should hit the market in 2023. The company is also introducing an “Ultium Platform” with a pouch-cell design for the base of its upcoming EV line up.
A company that once declared bankruptcy, GM’s popularity is rising and their stock jumped 32% in January due to Wall Street confidence in their upcoming EV line up. Their most recent marketing campaign includes comedian Will Ferrell convincing Norway, a country at the top of EV ownership per capita, to purchase American electric vehicles.
According to Car and Driver, Ford has made a $29 billion investment in EVs and autonomous vehicles. Ford introduced their newest line up with the Mustang Mach-E, a mid-size SUV with all the nostalgia of the old Mustang muscle car. Perhaps the most anticipated EV release of all time, America’s best-selling vehicle, the Ford F-150 pick-up truck, will come out in electric form in 2022.
Ford not only has its own growing line up, but has invested $500 million in EV start up Rivian, a company that has already made a name for itself in the EV truck industry. They plan a project together that will put Ford vehicles on Rivian platforms. For the moment, Ford has not yet met GM in their promise for all-electric fleet by 2023, but is likely not far behind.
Currently, Toyota owns 80% of the global EV hybrid market. The company announced plans to generate half of its sales from electrified vehicles by 2025, five years earlier than it previously estimated. To meet a sharp uptick in demand, Toyota is partnering with a Chinese battery manufacturer.
Honda is continuing its commitment to small, economically sensible electric vehicles. Honda revealed its Honda E city car in 2019, and plans for half its fleet to be electric by 2025. The company is introducing the hybrid Jazz, known as Fit in the U.S., at the beginning of its initiative.
Nissan has done well with the economical Leaf, and introduced a Leaf Plus with a longer range recently. They plan 8 more EVs in the near future. The small SUV Ariya, a hybrid under $50,000, is planned for 2022; the vehicle has been touted as the industry’s first real test of whether there is a market for different varieties of EVs targeted to families. According to Business Insider, “Nissan claims the high-performance crossover will travel 300 miles on a single charge and go from 0 to 60 mph in less than five seconds.”
In 2017, BMW came onto the scene with a variety of successful hybrid vehicles, but as 100% electrics replace hybrids, their line up is changing with the times. “BMW projects a twofold increase in electric vehicle sales by 2021, compared to 2019.” They also predict 30% growth in those sales year over year through 2025.
The BMW i1 Hatchback is planned for this year, joining their line up directed toward families, while the electric Mini Cooper is targeted to Millennial, Gen Z, and retired urban demographics. The company plans on 25 more EVs by 2025.
With so many niche EV manufacturers popping up on the industry’s radar all the time, the major car companies are fighting hard to stay relevant in a world turning electric. Now auto-makers with names consumers trust are investing in new EV models, and bringing more to market. Expect a blast of new choices from now through 2030.