Automakers step up pace on electric vehicle battery plants

DETROIT (AP) — Global automakers are stepping up the pace when it comes to building factories to prepare for what many believe will be a fast-moving transition from internal combustion engines to electric vehicles. On Monday, Toyota, Stellantis, Foxconn, Ford and Volvo all made announcements about electric vehicle component or assembly plants, or plans to raise capital to fund the transition. The moves are ahead of demand at the moment, but forecasters predict that the share of electric vehicles will rise dramatically as more battery-electric models are rolled out as governments increase requirements for zero-emissions vehicles to fight climate change. At present, only about 4.8% of the roughly 80 million new vehicles sold globally run solely on electricity, according to LMC Automotive.