Ford plans to pump $30 billion into electric vehicle investment by 2025
CNN – Ford announced Wednesday that it will invest $30 billion in electric vehicle development efforts by 2025. The automaker also pledged that 40% of its vehicles sold by 2030 will be electric.
Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two new battery factories in a joint venture with Korean battery maker SK innovation. Last week, Ford also unveiled plans for an all-electric version of the F-150 pickup, the best selling vehicle from any US automaker. It has already started selling an electric SUV under its iconic Mustang name, the Mustang Mach-E, CNN reported.
Ford is making an effort to keep up with Tesla and traditional automakers, such as its alliance partner Volkswagen and domestic rival General Motors. Both companies ave more extensive EV offerings and electrification targets. GM says it is aiming to sell only emission-free vehicles by 2035.
Most automakers are increasing plans to create more electric vehicles as regulations and demand grow.
Investors are also more interested in automakers with ambitious EV plans. Tesla, for example, is by far the most valuable car company, despite having a fraction of the sales and profits of traditional automakers. Tesla’s market value is roughly equal to that of the value of the five largest global automakers combined, CNN reported.
Shares of Ford rose 2% in premarket trading on its EV announcement.
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