- Ford announced a $29 billion investment in EVs and autonomous vehicles through 2025.
- In the future, the majority of Ford vehicles will be electric, while traditional gasoline powertrains will be augmented with hybrid and plug-in hybrid powertrains.
- Ford is joining GM and others in heavily investing in electric and autonomous vehicles to compete with Tesla.
Ford announced during its fourth-quarter earnings report that it will invest $22 billion in electric vehicles and $7 billion in autonomous vehicles through 2025. The electric-vehicle stake is an increase over the $10 billion already pledged to help Ford compete in the race to bring electric vehicles into the mainstream.
In part, Ford may be throwing the money down to compete with GM’s bigelectrification goals, but it stopped short of announcing exactly when, or if, it will transition to an all-electric passenger-vehicle fleet as General Motors has pledged to do. What it has announced is that a majority of its vehicles will be EVs, with some of its offerings having hybrid and plug-in hybrid powertrains.
GM announced last week that it will aspire to eliminate all gas and diesel light-duty vehicles by 2035. GM said it plans to invest $27 billion in electric and autonomous vehicles by 2025. GM, Ford, and others that have made similar investments and pledges to electrify their fleets are competing with Tesla which has a huge head start in the EV world. The EV-only automaker boasts the top-selling electric vehicles with ranges that still dwarf offerings from any traditional OEM.
While Ford is working on its own vehicles, it has also invested $500 million in EV startup Rivian. In 2019, the two companies announced a plan to build a Ford vehicle using the startup’s platform. However, in 2020, a planned electric Lincoln built with Rivian technology was canceled, due in part to the COVID-19 pandemic.
During its announcement, Ford also reminded us that the electric version of its cash cow, the F-150, is slated to go into production in mid-2022.
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Source: Motor - aranddriver.com
