Germany Automakers Rev Up Electric Vehicle Development
According to Business Insider, automakers in Germany plan to invest $45 billion in electric vehicle development over the next three years.
A German trade group for the auto industry released a report indicating that BMW, Daimler, and Volkswagen are revving up to developing their own EV technologies.
But over the next decade in Europe, new emissions standards set by the EU will go into effect.
So auto companies are shifting gears to reduce the emissions footprint of their product lines by developing more electric vehicles.
Investment from the automakers will focus on batteries, charging networks, and manufacturing facilities.