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>> Auto makers around the world are spending more than $300 billion on electric vehicles over the next decade as they face rising regulatory requirements from China to European Union and North America. I'm David Shepardson at the North American Auto Show in Detroit, where auto companies are showing off some early fruits of that electric vehicle effort.
It's about more than just getting people to buy green cars. Electric vehicles have faster acceleration, greater torque, better attributes in some ways than those gasoline powered vehicles. Now, behind me is a Nissan concept car. A much different than the Nissan Leaf, the utilitarian electric vehicle that the company rolled out about a decade ago.
This is a sports car concept aimed at competing with Tesla. And although Tesla's not here at the auto show in Detroit, they are clearly on the minds of auto companies. Also at the show, Volkswagen announced it will build a new electric vehicle. It's first for North America, in Chattanooga, Tennessee.
And it is not just full electric vehicles, auto companies are still investing significant resources in hybrid vehicles. Ford Motor Company announced it will build a hybrid version of iconic Explorer SUV. Toyota is still fully invested in hybrids from the Prius, and they're adding their hybrid power trains to vehicles like the RAV4, now their best-selling vehicle in the United States.
Even though electric vehicle sales remain relatively small in the United States, auto companies are moving quickly to bring new vehicles to market, in part because they face these rising fuel efficiency requirements. One big concern raised here by auto companies is the uncertainty over those efficiency requirements, given that the Trump administration has proposed barring California from requiring a rising number of electric vehicles.
If that were the case, it could make some auto companies reconsider those investments.