Ford intends to nearly double its investment in electric vehicles. This was announced by Ford CEO Jim Farley in the final quarter of 2020 financial results. He said there are plans to increase investment in electric and self-driving vehicles to $ 29 billion. Most of the amount – $ 22 billion – will go towards the development and production of electric vehicles.
Farley explained that electric vehicles will be especially important to Ford’s luxury Lincoln brand and the Transit line of commercial vehicles. The CEO expressed confidence that Ford is “doing everything possible and not losing ground to anyone” in the race to electrify.
Mustang Mach-E electric vehicles are already being produced at Ford’s Mexico plant. Ford recently announced a $ 1.8 billion investment to build “all-battery electric vehicles” in Canada at its Lincoln SUV plant. In addition, the company has begun construction of a new plant adjacent to its existing Michigan plant. This enterprise will produce F150 electric pickups.
The listed projects are estimated at about half of the above amount. It is not clear yet what the company intends to spend about $ 10 billion on. This information will probably be published later.
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