Automakers are going to burn through billions in the electric vehicle race

Global automakers will spend a whopping $255 billion on research and development (R&D) for electric vehicles (EV) through 2023, according to Alix Partners’ Global Automotive Outlook study on the future of the auto industry.

Alix Partners based the study off of an analysis of public and proprietary sources, as well as two surveys it conducted of registered US drivers over the age of 18. The study is the latest indication that automakers and their suppliers will need to spend large sums of money in order to introduce new technologies and services.

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