Automakers Plan Electric Car Blitz as Tesla Burns Billions

Cleaner transportation seems like a dream of the future, but the reality is much closer than we think. According to a recent Bloomberg report, there will be 50 electric vehicles available on the market by 2022. Among the group of automakers working toward this goal is General Motors, who plans to introduce two new electric vehicles in the near future and sell 20 all-electric models by 2023. Others manufacturers include Daimler AG and Volkswagen AG, but a surprising addition is Dyson, best known for its innovative vacuum cleaners, which is working to develop an electric car and batteries.

The push for EVs comes partly with the promise of Tesla on the horizon and automakers’ need to compete. On the legal front, California has made building EVs a requirement for carmakers. If carmakers don’t comply they will be forced to buy credits from their rivals. In a comment to Bloomberg, Vivaldi CEO and Founder Erich Joachimsthaler noted, “Nobody doubts that the future will be electric. The car companies dragged their feet with electric. Now they are being dragged into it by Tesla and by regulations.” If the report holds right, we can expect mass use of these environmentally friendly EVs in just five years.