Germany鈥檚 auto sector is biggest EV investor
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Germany鈥檚 massive car industry is the biggest investor worldwide in electric vehicles, a study published yesterday found, as it scrambles under increasing pressure to adopt low-emissions technology.
Over the past two years, German carmakers Volkswagen, Daimler and BMW announced 4.7 billion euros (US$5.8 billion) of investment worldwide in electric cars, the study by consultancy EY found.
That far outstripped the 335 million euros invested by US manufacturers and just 19 million euros by Japanese firms.
Adding up investments announced by the world鈥檚 biggest 16 manufacturers over the past two years, Germany was the biggest destination with some 3.2 billion euros poured into electric cars 鈥 far more than China鈥檚 990 million euros or the 887 million in the US.
鈥淭he importance of electric-powered cars will grow considerably in the medium term,鈥 forcing automakers to ratchet up spending on the technology, EY car industry specialist Peter Fuss said.
As elsewhere around the world, German carmakers have a slew of electric and hybrid models slated for release over the coming years.
The sector has 鈥渢aken its time鈥 to get serious about battery power, Fuss said.
But major spurs to adoption of the technology have emerged in recent years.
In China, the biggest car market worldwide, manufacturers will from next year face stringent quotas for 鈥渘ew energy vehicles鈥 as a proportion of their total sales.
At home in Europe, pressure on the industry has grown after a series of scandals, including VW鈥檚 2015 admission to manipulating 11 million diesel vehicles worldwide to make them appear less polluting in the lab than they are in on-road driving.
And a recent German court ruling that cities can ban the most polluting diesels from city centers to reduce harmful smog has set government and consumers clamoring for cleaner alternatives.
Volkswagen is spending close to two billion euros to convert two factories in Germany to electric car manufacturing, while Mercedes-Benz maker Daimler plans a battery plant in the US.
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