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.
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 General Motors 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 Lincoln 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.
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