Electric vehicle materials are in high demand and automakers are mass producing more electric batteries and other necessary parts. Some of the biggest automakers in the industry will be putting trillions of dollars into car parts to keep up with the electric vehicle demand and attempt to beat out their competitors.

Tesla is currently one of the top competitors of the EV market, their goal was to sell over a million vehicles this year. Following behind Tesla, Volkswagen will be investing over $100 billion to producing EV batteries in new factories. Toyota is expected to grow their EV models an increase the amount sold. Reports show they will be putting $70 billion towards reaching their EV goals by 2030. Ford, Mercedes Benz, and BMW all have plans of investing at least $30 million towards electric battery production. Ford has plans to 3 million BEVs by 2030. Mercedes Benz investments are being used to boost the longevity of their battery time and increase EV range. BMW is also boosting the gigawatts of power in their batteries and opening up four new factory plants in North America.

Corporations in the automotive industry are constantly looking for new ways to revolutionize their vehicles and better produce to keep up with supply demand. LG and Honda have reported teaming up to create new factories aimed at producing more EV batteries. Earlier this year, Ford hired more employees across the country to help produce more necessary car parts.

Click here to read the full article. Originally published October 25, 2022, by Reuters.