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Ford doubles down on EVs with $22 billion investment

The figure is twice the amount Ford planned to invest, and it earmarked another $9 billion for autonomous vehicle technologies.

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That's $22 billion. With a B.

Ford

Just yesterday, we learned 2021 will be a pivotal year for Ford's future electric vehicle plans. Thursday evening, Ford put a down payment totaling $22 billion to show why. The automaker said in its fourth-quarter 2020 earnings report it will double the amount of cash it plans to invest in EVs through 2025. Previously, the Blue Oval budgeted $11 billion. CEO Jim Farley believes that's not enough, saying the company's "all in" and "won't cede ground to anyone." Them's fightin' words, especially as rival gears up for a huge EV onslaught through 2025.

Farley didn't lay out any other details about what kinds of EVs the automaker plans for, but they'll focus on Ford's core pillars of today: pickup trucks , SUVs and vans . We already know the company has an electric F-150 coming in 2022 and last year it revealed the E-Transit as its battery-electric van option.

As for the automaker's luxury marque, the CEO said EVs will be "fundamental," and we'll see them take up many different body styles. And while its EV plans bake inside the halls of Dearborn, Michigan, through 2025, Ford's focused on the Mustang Mach-E and ensuring it finds success. Roadshow Reviews Editor Andrew Krok sure enjoyed it in our first go with the electric SUV.

2021 Ford Mustang Mach-E looks like the future

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Watch this: 2021 Ford Mustang Mach-E: Not yet a good Mustang, but a very good EV
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Sean Szymkowski
It all started with Gran Turismo. From those early PlayStation days, Sean was drawn to anything with four wheels. Prior to joining the Roadshow team, he was a freelance contributor for Motor Authority, The Car Connection and Green Car Reports. As for what's in the garage, Sean owns a 2016 Chevrolet SS, and yes, it has Holden badges.
Sean Szymkowski
It all started with Gran Turismo. From those early PlayStation days, Sean was drawn to anything with four wheels. Prior to joining the Roadshow team, he was a freelance contributor for Motor Authority, The Car Connection and Green Car Reports. As for what's in the garage, Sean owns a 2016 Chevrolet SS, and yes, it has Holden badges.

Updated Feb. 5, 2021 6:48 a.m. PT

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Written by  Sean Szymkowski
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid. Reviews ethics statement
sean-szymkowski-headshot
Sean Szymkowski
It all started with Gran Turismo. From those early PlayStation days, Sean was drawn to anything with four wheels. Prior to joining the Roadshow team, he was a freelance contributor for Motor Authority, The Car Connection and Green Car Reports. As for what's in the garage, Sean owns a 2016 Chevrolet SS, and yes, it has Holden badges.
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