In a major announcement today, Ford Motor Company revealed plans to invest $22 billion in electric vehicles (EVs) through 2025, doubling its previous investment in EVs.
The investment will include both the development of new electric models and the conversion of existing factories to produce electric vehicles. The company also aims to have 40% of its global vehicle volume be fully electric by 2030.
According to Ford’s CEO, Jim Farley, the company is “all in” on electric vehicles and believes that “the time is right to put our foot on the pedal and invest in the future.” The company’s investment will focus on four key areas: electric vehicle development, battery technology, charging infrastructure, and manufacturing.
Ford plans to launch several new electric models in the coming years, including the all-electric F-150 Lightning pickup truck, the electric Transit van, and the Mustang Mach-E SUV.
The company also plans to invest in solid-state battery technology, which could offer faster charging times and longer driving ranges than current lithium-ion batteries.
In addition, Ford plans to invest in charging infrastructure to support its growing fleet of electric vehicles. The company is partnering with Electrify America and other charging networks to build out a nationwide network of charging stations.
Finally, Ford plans to convert several of its existing factories to produce electric vehicles, including the Flat Rock Assembly Plant in Michigan and the Kansas City Assembly Plant in Missouri. The company also plans to invest in battery production in the US, including a new battery assembly plant in Kentucky.
Ford’s announcement comes as more and more automakers are shifting their focus to electric vehicles in response to changing consumer demand and government regulations.
With its $22 billion investment, Ford is positioning itself as a leader in the electric vehicle market and is betting big on the future of electric transportation.
