The Electric Vehicle revolution is underway. It is estimated that the total investments into electric vehicles by global manufacturers for North America in the next 5 years sits at $300 billion USD. Volkswagen has even released a statement that they are looking to spend $66 billion on digital technologies and electric cars.
Luxury automaker Bentley has hopped on the bandwagon and revealed plans to go fully electric by 2030. Consider that Bentley is actually a Volkswagen owned brand. With that being said; their big budget will not only be allocated to the Volkswagen brand but all the brands under their massive umbrella.
Demand and sales for electric vehicles have been surging around the world. In the United Kingdom for example, electric vehicle sales have tripled over the course of the year. As consumer habits change, businesses can either adapt or be left behind.
Adrian Hallmark, Chief Executive at Bentley had this to say, “ Within a decade, Bentley will transform from a 100-year-old luxury car company to a new, sustainable, wholly ethical role model for luxury.”
For Volkswagen and Bentley, the future of these two major brands are at stake. New electric vehicle makers are popping up worldwide, and if they don’t continue to plan for what’s to come, the company will need to play catch up if they want a good chance at competing.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.