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U.S. Expected to Receive Only 10% of Global EV Investment
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At the beginning of 2019, Reuters estimated that automakers had invested more than $300 billion in electrification. The EV Hub is now tracking this information, and our new Global Private Investment Dashboard has recorded almost $350 billion in total EV investment across the globe. This data confirms China’s dominance in the market with almost 40 percent of investments recorded from all companies targeted for China. German and Chinese companies are the leading EV investors, committing to almost $200 billion to transportation electrification. U.S. companies have only committed $34 billion to EV development so far and the United States is poised to receive only $35 billion - roughly 10 percent of the committed worldwide investment.
EV investment is accelerating globally, but most will fall outside the U.S. market. New reports from Bloomberg New Energy Finance (BNEF) indicate that EVs could account for 57 percent of all passenger car sales by 2040. China currently accounts for more than half of global sales and its dominance in the growing EV market is expected to continue for decades. Europe will likely follow behind China, leaving the United States behind as EV production and sales increase steadily worldwide.
Highest EV Investments by Manufacturer
| Manufacturer |
Total Investment |
| Volkswagen |
$93.7 billion |
| Daimler |
$43 billion |
| Hyundai |
$40 billion |
| Tata |
$17.9 billion |
| Toyota |
$15.1 billion |
| Total |
$210 billion |
Source: Atlas EV Hub Global Private Investment Dashboard
None of the top five automakers investing in EVs are headquartered in the United States. These automakers account for more than 60 percent of all investment in the sector. The larger investments from Daimler and Volkswagen include dedicated funding for medium- and heavy-duty EVs as well. Overall, funding announcements totaling $168 billion across 15 companies include some investment in electric trucks or buses. So far, the dashboard includes $9 billion in specific commitments to electric trucks and buses across 10 companies.
Despite lower investment in medium- and heavy-duty vehicles as compared to light-duty vehicles, BNEF expects electric bus adoption to outpace passenger EVs. China is expected to continue leading the charge in the bus market, already accounting for more than 90 percent of the world’s electric buses. With declining costs as the technology advances, electric buses could account for 67 percent of the worldwide feet by 2040 compared to just 30 percent for passenger EVs. Medium- and heavy-duty trucks are expected to account for 18 and 11 percent of global commercial fleets by 2040 respectively, according to BNEF.
While recent investment announcements from Ford and GM are significant, the Global Private Investment Dashboard shows how the rest of the world is moving ahead at a faster pace. It is also not guaranteed that all of the money companies like Ford plan to invest will end up in the United States, and it is likely that some of it will land in China. Compiling the best available data, we’ll continue to add more investments as we’re made aware of them. As is the case with other dashboards, the comprehensiveness of this resource relies on input from EV Hub users to fill in gaps and build the dataset. Let us know what you think of this tool and let us know if we are missing anything!
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Join the Q1 Review Webinar this Thursday!
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Every quarter, join us for a webinar to review what we’ve learned about transportation electrification in the United States. These webinars are free to all and we encourage you to share this meeting information with your network. All content from the webinar are based on information available on EV Hub.
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Follow the EV Hub on Twitter!
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The EV Hub has joined twitter and we are ramping up our content. Follow us for relevant media stories and updates to EV Hub resources throughout the week!
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Atlas Public Policy is looking for a highly qualified senior policy analyst to join our exciting policy tech startup.
A qualified person must be sharp, ambitious, passionate, and capable of adapting to the evolving demands at Atlas. We’re DC-based, but you don’t have to be. Currently, we’re working on several projects to accelerate the deployment of advanced vehicles and mobility services in the United States and are actively expanding into other public policy areas. Experience in electric power, climate, and/or transportation and curiosity about other public policy issues is a must.
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ELECTRIC BUSES FEATURED HEAVILY IN LAST WEEK'S NEWS
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Our choice clips from last week:
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Colorado Adds 24 Electric Buses Through the VW Settlement
Colorado announced almost $14 million in awards through the VW Settlement on April 18, 2019. The funding will go towards the purchase of 24 electric buses, three CNG buses, and one LPG bus throughout the state. This is the first award made from the state’s $68 million total allocation.
Boulder, Colorado Springs, Fort Collins, and Eagle County will receive their first electric buses through this round of funding. Read More Here
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Indiana Announces Round One RFP for VW Settlement Funding
Indiana announced the first round RFP for VW Settlement funding on March 27, 2019. This RFP is administered by the Indiana Department of Environmental Management (IDEM) and will remain open until June 17, 2019. $9.8 million of the total $40.1 million allocated to the state will be available during this round of funding.
Only school buses have funding specifically set aside to support electrification, for a total of $850,000, although electric vehicles are allowable as replacements for the other project categories. Read More Here
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New Jersey Announces VW Settlement Funding for EV Charging and Electric Transit Buses
On February 28, 2019, the New Jersey Department of Environmental Protection announced that $11.2 M of the state’s VW Environmental Mitigation Trust Funds had been allocated to electric vehicle charging stations and electric transit buses.
NJ TRANSIT will receive $8 million to purchase eight new electric transit buses to be used in the City of Camden. The remaining $3.2 million will fund 827 charging ports at 533 charging stations across the state as part of the It Pay$ to Plug In program. The funding will support 40 Level 1 charging stations, 487 Level 2 charging stations, and 6 DC fast charging stations. Read More Here
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Below are current job openings in transportation electrification:
If you have a job posting you would like to share with EV Hub users, please send them to us in an email at info@atlasevhub.com.
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Every quarter, join us for a webinar to review what we’ve learned about transportation electrification in the United States. For Q1 in 2019, our main takeaways are U.S. sales in Q1 show slowing momentum for EVs, regulatory uncertainty spreads in Q1, several large utility investments are still pending after Q1, states funding opportunities for VW Settlement, and media and research cover emerging areas of transportation electrification. Read More Here
May 23rd @ 2:00pm EST
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The Missouri Department of Natural Resources will hold a public meeting to provide an update on the Volkswagen Trust in Missouri. Read More Here
May 30th @ 1:30pm CST at Elm Street Conference Center in Jefferson City, MO
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ASCE International Conference on Transportation & Development (ICTD 2019) is organized to facilitate exchange of information, knowledge, and best practices among transportation and development practitioners and researchers, public infrastructure owners, policymakers, government engineers and planners, operations managers and leading academics from around the world. Read More Here
June 9th-12th @ the Hilton Alexandria Mark Center in Alexandria, VA
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