Ford Expects 40% Of Its Global Vehicles Electric By 2030; Raises Electrification Spending

Ford Motor Co. (F) said that it expects 40% of its global vehicle volume to be fully electric by 2030, including from Mustang Mach-E. It is accelerating investments and increasing planned total spending on electrification, including battery development, to more than $30 billion by 2025. The company expects to deliver an 8% adjusted earnings before interest and taxes or EBIT margin in 2023.

Ford said its chief executive officer Jim Farley and other senior leaders will provide the company's customer-focused strategic ambitions and actions in a virtual meeting with financial analysts and other stakeholders. The Ford event - themed "Delivering Ford+" - will be held Wednesday.

The F-150 Lightning, an all-electric version of pickup truck, which has amassed 70,000 customer reservations since it was unveiled one week ago, and E-Transit commercial vans, which will be on the road later this year, Ford said in a statement.

Ford is establishing Ford Pro, a global vehicle services and distribution business within Ford devoted to commercial and government customers, and led by Ted Cannis, who's been named CEO and a corporate officer.

Ford is increasing the commercial market for hardware and adjacent and new services that's addressable by the company, with anticipated company revenue of $45 billion by 2025, up from $27 billion in 2019.

Having about 1 million vehicles that are capable of receiving over-the-air system updates on the road by the end of this year, exceeding Tesla's volume by July 2022, and scaling to 33 million OTA-enabled Ford and Lincoln vehicles by 2028, Ford said.

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