The EV investment figure, which has not been previously published, dwarfs previous investment estimates by Reuters.

It's also more than twice the most recent calculation published just a year ago.

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis.

Leading the charge is Tesla, where Chief Executive Elon Musk has outlined an audacious plan to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. Musk in late October said Tesla already is working on a smaller vehicle platform targeted to cost half as much as the Model 3 and Model Y.

Germany's Volkswagen, while lagging behind Tesla, has ambitious plans through the end of the decade, targeting well over $100 billion to build out its global EV portfolio, add new battery "gigafactories" in Europe and North America and lock up supplies of key raw materials.

Japan's Toyota Motor Corp. is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

Ford Motor Co. keeps boosting its spending level on new EVs - now at $50 billion - and at least 240 gigawatt-hours of battery capacity with its partners as it aims to produce around 3 million BEVs in 2030 - half its total volume.

Mercedes-Benz has earmarked at least $47 billion for EV development and production, nearly two-thirds of that to boost its global battery capacity with partners to more than 200 gigawatt-hours.

BMW, Stellantis and General Motors each plan to spend at least $35 billion on EVs and batteries, with Stellantis laying out the most aggressive battery program: A planned 400 gigawatt-hours of capacity with partners by 2030, including four plants in North America.

To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers.