logo
  

Ford Increases Investment In EV To $30 Bln

ford 26may21

Michigan-based auto giant Ford Motor Co. (F) is targeting to generate 40% of its sales through electric vehicles by 2030. For that, the company has decided to increase its investment in the project to $30 billion.

Jim Farley, who took over the reins of the company in October 2020, said on Ford's investor day, "This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we're grabbing it with both hands."

Talking about the rejuvenated Ford+ plan under his reign, Farley added, "I'm excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time. We will deliver lower costs, stronger loyalty, and greater returns across all our customers."

The company has already invested $7 billion in electronic vehicles since 2016 and in February the company decided to ramp up its investment to $22 billion. Looking forward, Farley thinks that the company will be able to earn a revenue of $45 billion by 2025. Ford Pro, a vehicle servicing and distribution business, is set to form an autonomous entity while being a part of the company. Earlier this year, GM said it hoped to go all-electric by 2035.

In the event, the company claimed to top Tesla (TSLA) by July 2022 in vehicles with remote updates and build a connected fleet of 33 million Ford and Lincoln automobiles with Over-the-air technology.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT