Investments of more than $ 100 billion in ‘Electric Cars’ by leading companies of the automobile sector

Detroit/Berlin/Tokyo – Just as the prices of crude oil had taken a leap to $ 70 internationally, the leading automobile companies of the world were making heavy investments in the sector of ‘Electric Cars’. This news came into focus at an exhibition of cars in Detroit in US. Information received from international agencies and experts is that the investments in ‘Electric Cars’ is approximately $ 100 billion.

The world’s leading automobile manufacturing companies like ‘Ford’, ‘General Motors’, ‘Toyota’, ‘Volkswagen’, ‘Nissan’ and ‘Daimler’ have decided to launch more than 100 models of ‘Electric Cars’ in the market in the coming five years. At the exhibition held in Detroit, the ‘Ford’ Company of US, declared the Company’s investment of $ 11 billion on ‘Electric Cars’. At the same time, the Company’s target of introducing 16 cars to be operated totally on electricity by the year 2022, was announced.

While announcing the production of ‘Electric Cars’, the ‘Ford’ Company’s Chief, Bill Ford said that the Company is entering the sector with all its strength and capabilities. He said that the Company initially would convert the latest leading car models to ‘electric’ version. He added that to succeed in this sector of ‘electric’ cars, the use of successfully tested models is the best option. Jim Farley, the ‘Ford’ Company’s ‘Global Market President’ indicated that the Company’s first car would be up for sale in the market in the year 2020.

Coming on the heels of ‘Ford’, ‘Daimler’ a leading German Company announced the Company’s investment of $ 10 billion in the ‘electric car’ sector, and also manufacturing 10 cars fully operated on electricity. Germany’s ‘Volkswagen’ announced $40 billion investment in the electric car sector and it happens to be the largest investment of a company in this sector. ‘Volkswagen’, so far has launched 300 cars in the market at an international level, and has the objective of converting these into ‘electric models’.

Like in U.S. and Europe, companies in Japan, China and India are giving indications of investing in a big way in the ‘electric car’ sector. Japan’s ‘Toyota’ has decided to invest about $13 billion, while ‘Nissan’, ‘Honda’, ‘Mitsubishi’, ‘Suzuki’ have made plans and agreements to invest to the tune of $10 billion. In China, companies like ‘BYD’ and ‘Candy Technologies’ while the ‘Tata Motors, ‘Mahindra’ and ‘Maruti’ in India have declared their intentions of making investments in a big way in this sector.

One of the reasons the international automobile manufacturing companies are making investments is the success story of Tesla’s Elon Musk. Tesla has launched so far four models operated totally on electricity and have sold more than a lakh such cars in the year 2017.

Last year, prominent countries like China, Britain, France and India had declared their intention of banning the use of liquid fuel for cars from the year 2025 to 2030. The success of Tesla has prompted these leading countries to ban liquid fuel and divert funds to the sector of ‘electric cars’.