Europe has long been a leader in the environmental transition, but the question is whether this is still the case.
A new study from the interest organization Transport & Environment shows that the US is now pulling away from Europe when it comes to the electrification of the vehicle fleet.
More specifically, it is about how much is invested in the manufacture and development of electric cars and electric car batteries, as well as in the expansion of the infrastructure for electric cars.
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The US invests more than Europe in electric cars
Among other things, the study points out that there were electric car-related investments of 70 billion euros in Europe from 2021 to 2023, corresponding to 26 percent of global investments.
The corresponding figure in North America and Mexico during the same period landed at 97 billion euros, which corresponds to a whopping 37 percent of the investments in the sector globally.
China invested in the period 2021 to 2023 around 51 billion euros. However, the study notes that the country has already invested large sums in the sector.
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That is why the US is pulling away from Europe
What is also distinctive about the USA in the study is that during the period the country attracted large investments from foreign companies from both Asia and Europe.
The country has been diligent in subsidizing new investments in sustainable industries. Among other things, this has led to a full 74 percent of the Stellantis Group’s investments in electrification ending up in North America-based projects.
In Europe, the domestic car manufacturers accounted for 80 percent of the investments, while the remaining investments came from Tesla, Nissan, Ford and Geely.
Transport & Environment believes that the figures should be a warning bell for decision-makers in Europe, pointing to how desperately the need is for a long-term strategy for investments in electric operation.
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