Tuesday 9 February 2021

Ford to increase electric vehicle spending to $22bn by 2025

Ford to increase electric vehicle spending to $22bn by 2025

Ford has announced plans to invest at least $22 billion (£19.3bn) in electrification through 2025, nearly twice what it had previously committed to electric vehicles (EVs).

President and CEO Jim Farley said the company is “all in and will not cede ground to anyone” in developing and delivering connected EVs and services.

The investment will help Ford reach its goal of launching 40 EV models by 2022, with 16 of them being fully electric.

It plans to make the electric F-150 pick-up truck in Michigan, with SUVs manufactured at plants in Canada and the electric Mustang assembled in both China and Mexico.

Mr Farley added: “We are accelerating all our plans – breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan.

“People are responding to what Ford is doing today, not someday.”

The company's development and delivery of connected vehicles will be enhanced by a new six-year partnership with Google, with the establishment of a collaborative group – Team Upshift – to unlock personalised consumer experiences and create and make the most of data-driven opportunities.

This is expected to help Ford accelerate its transformation in key areas – modernising operations, disrupting how it does things, partnering for expertise and efficiency and creating must-have products and services through Google's operating system, apps and services.

Written by

Bruna Pinhoni

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