Ford goes all-in with EV investment
- Posted by: Alan Feldberg
- Category: News
Ford has announced plans to make 50% of its annual vehicle sales electric by 2030.
It has said it will invest $5bn into its EV production unit this year alone, twice the amount it invested in 2021.
It expects this commitment to realise the production of over two million EVs by 2026.
Ford sold 117,500 BEVs and PHEVs last year, which is about 13% of market leader Tesla. It is also behind other vehicle manufacturers such as VW and GM, which sold 700,000 and 500,000 EV units respectively last year.
Edith Reads of Tradingplatforms.com, said: “Many are embracing electric vehicles as a sustainable alternative to fossil fuel powered vehicles. Despite the strides that the sector has made, there’s still a huge potential waiting to be fulfilled. Ford is awake to this reality hence its decision.”
Analysts project that from 2020 to 2026, the global EV market will increase by more than 400% to reach a market value of $1tn.