The EV boom is accelerating.
Over the last few days, General Motors Company (NYSE:GM) just announced it will boost global spending on EVs to 435 billion through 2025. The automaker will build two additional battery plants in the U.S. The company also announced it’ll invest $35 billion in a U.S. based lithium project to meet its demand.
Ford Motor Company (NYSE:F) even just announced its sales of electrified vehicles expanded 117 percent in June, capping off a new first-half sales record on sales of 56,570 vehicles. Along the way, the boom is also creating massive opportunity for companies such as Tesla Inc. (NASDAQ:TSLA), Volkswagen (OTC:VWAGY), and EV battery company NEO Battery Materials Ltd. (TSXV:NBM) (OTC:NBMFF).
Helping, President Biden is pushing for millions of electric vehicles.
According to NBC News, “There are a number of reasons behind the administration’s push for battery-car technology. There’s the need to reduce CO2 emissions in order to meet global warming targets. There’s a desire to reduce America’s dependence upon petroleum imports, and there’s also a growing concern that China will wind up dominating the EV segment — something that raises defense, as well as economic, concerns.”