Automakers Continue to Invest in Electric & Hybrid Vehicle Technology

Recently, there have been a number of bold announcements made by automakers to increase availability of electric vehicles (EVs) and reduce their carbon footprints.  

While total EV adoption in the U.S. remains low, the automakers are expecting significant growth in coming years. Additionally, the new administration is looking at different ideas to help combat climate change such as revisions to CAFE standards and renewed federal incentives for EVs. 

Below is a summary of the automakers who are making the biggest splash in fuel efficiency and EV models.  

General Motors

Mary Barra, CEO of General Motors announced GM’s strategy for moving to all-electric. The automaker set a goal of selling only zero-emission cars and trucks by 2035. This announcement comes on the heels of a commitment to 30 new global EVs by 2025. With a planned $27 billion investment in electric and automatic vehicle technology, between 2020 and 2025. In February, GM announced their new Bolt EUV crossover which will be available for MY22.

Ford Motor Company

By 2022, Ford Motor Company will have invested up to $11 billion in its hybrid and EV lineup. This includes 40 plug-in electric hybrid vehicles (PHEV) and 16 EVs, while the rest being hybrid, to fulfill its lineup in the next two years. Ford has already launched their new Mach-E EV and will launch their new F-150 and Transit EV models later this year.

Stellantis 

Stellantis, which formed through the merger of Fiat Chrysler and Groupe PSA, plans to offer only EV models through 2025. In 2021 alone, 10 new hybrid or all-electric models will be introduced. 

Toyota 

For Toyota, it has not made a major plunge into EVs yet. They introduced a few PHEV models like the Rav4 Prime and Prius Prime which act as a hybrid but can also use electric mode for a limited range. Toyota is planning to introduce an EV to the North American market soon with future plans for a solid-state battery, a solution that many automakers have been working toward. 

Rivian and Lordstown 

Two new EV startup automakers will join the scene. Rivian plans to start producing their new R1T pickup and R1S SUV later this year at their plant in Normal, IL. Lordstown Motors is also expected to begin production of their new EV pickup this year. Adding these new manufacturers to the space should help increase development and availability of EVs to commercial customers.  

What’s your thoughts on automakers’ EV plans? Do you plan to transition all or part of your fleet to EVs? Please contact tcengel@wheels.com and let me know if I can help!