Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe
There has been significant EV sales growth in Europe, benefiting from its policies for promoting electric vehicles (EVs) and investments in manufacturing. This study investigates the investment announcements for EV and battery production announced by manufacturers and compares them to four scenarios...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-12-01
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| Series: | World Electric Vehicle Journal |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2032-6653/14/12/347 |
| _version_ | 1797379094288007168 |
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| author | Hong Yang Lewis Fulton |
| author_facet | Hong Yang Lewis Fulton |
| author_sort | Hong Yang |
| collection | DOAJ |
| description | There has been significant EV sales growth in Europe, benefiting from its policies for promoting electric vehicles (EVs) and investments in manufacturing. This study investigates the investment announcements for EV and battery production announced by manufacturers and compares them to four scenarios with different EV penetration levels in Europe. This study projects the required capacities and estimates the investment needs to meet different EV sale targets in each scenario. The investigations show that, for Europe to achieve 60% new EV sales by 2030 and to be on track for 100% by 2035, its 4.8 million planned production capacity of EVs would fall short of the needed 9.2 million in 2030. The gap could close to 2.0 million when tentative announcements are counted. The results for batteries indicate that tentative plans are adequate and firm plans can satisfy most scenarios by 2030. More investments into EV production, along with policy support and incentives, are needed for more rapid scenarios. |
| first_indexed | 2024-03-08T20:16:05Z |
| format | Article |
| id | doaj.art-75b315147a1840cd8e53c0b61e483e2d |
| institution | Directory Open Access Journal |
| issn | 2032-6653 |
| language | English |
| last_indexed | 2024-03-08T20:16:05Z |
| publishDate | 2023-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | World Electric Vehicle Journal |
| spelling | doaj.art-75b315147a1840cd8e53c0b61e483e2d2023-12-22T14:50:08ZengMDPI AGWorld Electric Vehicle Journal2032-66532023-12-01141234710.3390/wevj14120347Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in EuropeHong Yang0Lewis Fulton1Institute of Transportation Studies, University of California, Davis, CA 95616, USAEnergy Futures Program, Institute of Transportation Studies, University of California, Davis, CA 95616, USAThere has been significant EV sales growth in Europe, benefiting from its policies for promoting electric vehicles (EVs) and investments in manufacturing. This study investigates the investment announcements for EV and battery production announced by manufacturers and compares them to four scenarios with different EV penetration levels in Europe. This study projects the required capacities and estimates the investment needs to meet different EV sale targets in each scenario. The investigations show that, for Europe to achieve 60% new EV sales by 2030 and to be on track for 100% by 2035, its 4.8 million planned production capacity of EVs would fall short of the needed 9.2 million in 2030. The gap could close to 2.0 million when tentative announcements are counted. The results for batteries indicate that tentative plans are adequate and firm plans can satisfy most scenarios by 2030. More investments into EV production, along with policy support and incentives, are needed for more rapid scenarios.https://www.mdpi.com/2032-6653/14/12/347investmentelectric vehiclevehicle assemblyoriginal equipment manufacturerEuropebattery production |
| spellingShingle | Hong Yang Lewis Fulton Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe World Electric Vehicle Journal investment electric vehicle vehicle assembly original equipment manufacturer Europe battery production |
| title | Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe |
| title_full | Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe |
| title_fullStr | Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe |
| title_full_unstemmed | Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe |
| title_short | Investigating Investment Plans for Expanding Battery and Electric Vehicle Production in Europe |
| title_sort | investigating investment plans for expanding battery and electric vehicle production in europe |
| topic | investment electric vehicle vehicle assembly original equipment manufacturer Europe battery production |
| url | https://www.mdpi.com/2032-6653/14/12/347 |
| work_keys_str_mv | AT hongyang investigatinginvestmentplansforexpandingbatteryandelectricvehicleproductionineurope AT lewisfulton investigatinginvestmentplansforexpandingbatteryandelectricvehicleproductionineurope |