The automaker said in a presentation for investors Wednesday that it will add about US$8 billion to its EV development spending from this year to 2025.
Driven by GM, Tesla, and the Biden administration, the U.S. is now poised to press ahead in the transformation to electric vehicles. Big challenges still loom, but technological advances, government support, and growing consumer appeal will drive the inevitable switch to EVs.
Tesla's sales of its increasingly popular electric cars got off to fast start this year, even though the company had to slam the brakes along with other major automakers last month because of worldwide efforts to contain the worst pandemic in a century.
"We're not the problem. We can throw all our car keys in Halifax harbour, turn down the heat, turn off the lights, walk around naked in the dark eating organic beets and it won't make a difference."
- Peter MacKay, Conservative Party leadership hopeful, February 2020 as reported by CBC
Eight months after it seemed headed for the corporate junkyard, Tesla is now worth more than General Motors, Ford and Fiat Chrysler combined, even though the Big Three together sell more cars and trucks in two weeks than Tesla does in a whole year.
