Ford plans to nearly double investment in the electrification of its vehicles to at least $22 billion by 2025, the U.S. automaker announced now as part of its financial results announcement.
In addition to the $22 billion (about €18.4 billion), Ford plans to invest $7 billion (€5.85 billion) in autonomous driving. "Ford's transformation is happening, as is our leadership of the EV revolution and the development of autonomous driving," said Ford CEO Jim Farley. "We are now providing a combined $29 billion in capital and tremendous talent to these two areas, bringing customers high-volume, connected electric SUVs, utility vehicles and pickups."
Farley didn't announce specific models or technologies, however, saying they would accelerate "all of our plans," Ford's CEO said. "We're breaking restrictions, increasing battery capacity, improving costs and adding more electric vehicles to our product cycle plan."
So far, Ford is building the Mustang Mach-E E-SUV in Mexico, expanding the Michigan plant for the production of an electric F-150 from 2022, and in Missouri the E-Transit is to be built from the end of 2021 (for Europe, the E-Transit is to be assembled in Turkey). In addition, two plants in Canada are being retooled, where electric SUVs for the posh Lincoln brand, among others, are to be built from 2024 - but on their own, not together with Rivian as announced under Farley's predecessor Hackett. In addition, Ford had announced a few days ago that the Mustang Mach-E will also be built in China for the market there in the future.