Story at a glance
- Ford said it plans to spend $22 billion on electric vehicles and $7 billion on autonomous vehicles through 2025.
- The automaker had previously committed $11.5 billion to its EV lineup up to 2022.
- Ford’s investment in electric vehicles comes as several large automakers are shifting toward EVs amid increasing pressure by governments and regulators to reduce carbon emissions.
Car manufacturer Ford is betting big on electric and autonomous vehicles.
During an earnings call last week, the company’s top executives announced the automaker would be increasing its investment in electric and autonomous vehicles from $11.5 billion through 2022, to $29 billion through 2025.
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Ford said it plans to spend $22 billion on electric vehicles and $7 billion on autonomous cars. The $22 billion includes $7 billion that the company has already spent since 2016. A majority of vehicles under the plan will be all electric, but the company will continue to produce hybrid and plug-in hybrid models that have traditional internal combustion engines.
The company plans to unveil an electric version of its F-150 pickup truck later this year that is expected to go on sale by the middle of 2022.
“The transformation of Ford is happening and so is our leadership of the EV revolution and development of autonomous driving,” Ford CEO Jim Farley said in a statement.
“We’re now allocating a combined $29 billion in capital and tremendous talent to these two areas, and bringing customers high-volume, connected electric SUVs, commercial vans and pickup truck.”
Ford’s investment in electric vehicles comes as several large automakers are shifting toward EVs amid increasing pressure by governments and regulators to reduce carbon emissions. Car companies are also pushing to become competitive with Tesla, which currently dominates the electric vehicle market.
Last month, General Motors announced it will phase out gasoline- and diesel-powered passenger cars and SUVs by 2035 as part of its push to become carbon neutral by 2040.
The company plans to spend $27 billion over the next five years to release 30 electric vehicles, including a new electric Hummer pickup truck that is expected to be made available to customers later this year.
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