Electric Vehicle Manufacturing is Spreading – But Funded By SUV and Truck Sales

GM plans to spend $35 billion on EVs and autonomous vehicles by 2025 (and produce a whopping 400,000 EVs). Jeep’s parent company Stellantis will invest $35.5 billion in electrification and software, producing 25 all-electric vehicles by 2030. And Ford will spend even more — $50 billion on electrification — by 2026, while producing two million electric vehicles annually.

These are the statistics in the Detroit News, the top newspaper in America’s top car-making city. They predict that by 2026 there’ll be 180 different “crossover nameplates” in the electric vehicle market — although here’s the most surprising statistic of all.

“The automakers are funding their EV investments with profits from SUVs and trucks.”

Even with that, the senior auto analyst at Bank of America tells the newspaper that 25% of U.S. auto sales will be electric within just a few years.