Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry's transition away from fossil fuels and shifting power to Asian suppliers of batteries and EV technology.
The unprecedented level of spending — much of it by Germany's Volkswagen AG — is driven in large measure by government policies adopted to cut carbon dioxide emissions, and will extend technological advances that have improved battery cost, range and charging time to make electric vehicles more appealing to consumers, according to an exclusive analysis of public data released by those companies.
China for decades played catch-up to German, Japanese and American automakers, which dominated internal combustion vehicle technology. Now, China is positioned to lead EV development, industry executives say.