Ford Pledged $29 Billion For Electric and Autonomous Vehicles
- on February 24, 2021
- Categories: News
While presenting its fourth-quarter earnings report, Ford shared its plans to invest $22 billion in electric vehicles and $7 billion in autonomous cars in the course of 2025. Of note, Ford previously pledged to invest $10 billion to improve its EV infrastructure and electrify most of its lineup.
The news comes after General Motors announced to electrify its complete lineup. While Ford might have revealed this investment plan to compete with GM, the company failed to tell when they would like to go all-electric. Nevertheless, Ford did disclose that they plan to make most of its lineup all-electric and the remaining will be hybrids and plug-in hybrids.
General Motors recently declared that they have a goal to ditch all gas and diesel-powered passenger vehicles by 2035. To materialize its ambitions, the automaker has pledged $27 billion for electric and autonomous vehicles in the next five years.
GM, Ford, and other carmakers are racing fast toward full electrification to rival the most competent player in this segment, Tesla Inc. The all-electric American automaker is progressing quickly and offering some of the world’s best electric cars with drive ranges better than any vehicle in the market.
We should not forget Ford has already invested $500 million in the electric vehicle startup Rivian. Two years ago, Ford was set to build an EV underpinned by Rivian’s platform. However, in 2020, we heard the plan to introduce first all-electric Lincoln was put in the back burner partly due to the COVID-19 pandemic.
While disclosing its plans for electric future, the prancing horse prompted us about the F-150 electric, which will hit the assembly lines by the mid of next year.