Investments by traditional car OEM’s to boost electrification and fade out ICE increased dramatically the past 2 years. According to Bloomberg, carmakers invest up to $526 Billion through 2026 which is more than double the amount they mapped out back in 2020.
Since the industry isn’t doubling its total capital spending, all that investment in EVs will come at the expense of development dollars for new and redesigned ICE vehicles.
BofA Global Research recently forecast in its closely watched Car Wars report that by 2026, the US market will have about 135 different EVs for sale, and an equal number of ICE vehicles.
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