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In addition to the announced investments, the multinational Ford expects that 40% of global sales will be electric cars by the year 2030
Ford announced last Wednesday that it will invest US$ 30 billion in electric cars by 2025. The automaker also promised that 40% of its cars sold by 2030 will be electric. Ford had previously announced plans to spend $22 billion on electrification efforts and recently revealed plans to build two new battery plants in a joint venture with Korean battery maker SK Innovation. See also: South Korean automobile multinational, Hyundai, announces reduction in the manufacture of combustion vehicles and the focus will be on electric cars
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Ford plans for electric cars
Ford said it is committed to catching and outpacing its rivals as the industry adapts to electric cars. Jim Farley, CEO of Ford, says the company's ambition is to lead the electric revolution. The CEO was asked about GM's goal of going all-electric by 2035, and if Ford has a similar target date, Farley was a little dismissive of his rival's pledge, which GM CEO Mary Barra described as an "aspiration" for the company.
Jim further pointed out that Ford will be able to capture equal or better market share as it shifts to electric cars. So far, 70 percent of Mustang Mach-E buyers have come to Ford from other automakers, according to Lisa Drake, Ford's head of North American operations.
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Farley admitted that the company's financial performance has not been as good as it should have been in recent years. Ford has lost, on average, $2 billion a year outside North America in each of the last three years. But he pointed to the earnings that Ford reported overseas for the first quarter of this year, and said the company should now be able to achieve an 8% profit margin, excluding interest, tax and special items, by 2023.
Electric cars from the American multinational Ford
Last week, Ford also unveiled an all-electric version of the F-150 pickup truck, the best-selling vehicle from any US automaker. O F-150 Electric Lightning is due to hit showrooms in 2022, and the company has already taken 70.000 customer bookings for the electric truck since it was unveiled a week ago. The multinational has already started selling an electric SUV with the iconic Mustang name, the Mustang Mach-E.
However, Ford is still trying to catch up with electric car maker Tesla and traditional automakers such as its alliance partner Volkswagen and domestic rival General Motors. Both have more extensive electric car offerings and more aggressive electrification targets. GM says it aims to sell only electric cars by 2035.
See also: Ford announces electric car sales target by 2030; new electric powered cars will be made
Ford, one of the largest automakers in the world, announced last week its new all-electric Ford F-150. The American company is entering the electric vehicle market with force and, as a result, already plans to build at least three new electric versions of the brand's successes.
Ford gave more details about its plan to electrify its vehicles. A bold target predicts that 40% of its sales will be electric vehicles by 2030. The target is bold and should cost the automaker something around US$ 30 billion. As a result, several of its vehicles are expected to gain electric versions in the coming years. Several projects are already underway, but still have no plans to be placed on the market.
