May 28, 2021
DETROIT (AP) Ford expects 40 per cent of its global sales to be battery-electric vehicles by 2030 as it adds billions to what it’s spending to develop them.
The automaker said in a presentation for investors on Wednesday it will add about USD8 billion to its EV development spending from this year to 2025. That brings the total spend to nearly USD20 billion as Ford begins to develop and build batteries in a joint venture with SK Innovation of South Korea.
Under former CEO Jim Hackett, Ford was criticised by analysts for moving too slowly on its turnaround and future vehicle plans. But those plans have accelerated under CEO Jim Farley, who took over last October.
Much of the sales target will come from Europe, where the company has pledged to convert its entire passenger vehicle lineup to electric power by that year.