Fleet Friday: Auto Industry to Spend $1.2 Trillion by 2030 on the Transition to Electrification

🎙Today's topics include: - Altogether automakers — globally — plan to double their EV spending to $1.2 trillion to build 54 million battery-electric vehicles by 2030. - Today’s current transition to EVs dwarfs the cost of the Apollo space program. In fact, today’s transition to electrification will invest $1 trillion more than what it cost to put 12 people on the moon. - Globally, automakers are forecasting that half of their total worldwide vehicle production will be EVs by 2030. And it will take $1.2 trillion to achieve this goal. - A new tax credit under the Inflation Reduction Act is anticipated that will be that provides a $7,500 tax credit for commercial EVs with no restrictions on battery sourcing or manufacturing.