Ford Announces $29 Billion USD Investment in Electric and Autonomous Vehicles

More than doubling its previous efforts.

By
Automotive 
3,798 Hypes 1 Comments

Ford has recently announced it is planning on doubling its investment efforts in its electric and autonomous vehicles. The automotive company recently committed $11.5 billion USD on its EV lineup up to 2022, but has now extended its timeline to 2025 and increased its investment to $29 billion USD.

The company is expected to spend $22 billion USD on electric vehicles and, subsequently, $7 billion USD on autonomous cars. Ford has claimed that a majority of its planned vehicles will include hybrid and plug-in hybrid models that have “traditional combustion engines.” Just last year, it released its all-electric Transit van and has recently unveiled the electric version for its F-150 pickup truck.

Ford’s CEO Jim Farley has stated that the sudden rise in investment is an “aggressive plan to position the nation’s oldest automaker as a leader in the future of mobility and transportation.” He has also alluded that the new line of automotive will be compatible with Google, integrating its Android software into “millions of vehicles by 2023,” in an effort to pivot the company to a more become more digital.

With the latest announcement, Ford wants to reassure investors that it is able to keep up with the pace of electric car giants such as Tesla, and other legacy carmakers like Volkswagen and GM.

Over the years, more and more traditional automotive companies have launched into the EV business including Daimler AG, the parent company of Mercedes-Benz, which plans to produce electric versions of all its existing cars by 2022. Volvo, as a part of the Volkswagen Group, had already begun phasing out gas-only cars in 2019. Like Ford, GM is looking to spend $27 billion USD on its own electric and autonomous vehicles through to 2025.

In other automotive news, ABT Sportsline’s anniversary celebrating Audi RSQ8-R can do almost 200mph.

Read Full Article

What to Read Next

Elon Musk Dogecoin Tweet Sends Price Soaring to All-Time High
Tech

Elon Musk Dogecoin Tweet Sends Price Soaring to All-Time High

Aided by tweets from Snoop Dogg and Gene Simmons.

Ichiran Readies First-Ever Instant Noodle Release
Food & Beverage

Ichiran Readies First-Ever Instant Noodle Release

The Tonkotsu Cup Ramen has been in development for 20 years.

M. Night Shyamalan's Creepy Teaser Trailer for 'Old' Will Get Under Your Skin
Entertainment

M. Night Shyamalan's Creepy Teaser Trailer for 'Old' Will Get Under Your Skin

Premiered during the Super Bowl.


Marvel Debuts New Trailer for 'The Falcon and The Winter Soldier'
Entertainment

Marvel Debuts New Trailer for 'The Falcon and The Winter Soldier'

Premiering March 2021 on Disney+.

Tampa Bay Buccaneers Defeat Kansas City Chiefs to Become Super Bowl LV Champions
Sports

Tampa Bay Buccaneers Defeat Kansas City Chiefs to Become Super Bowl LV Champions

Marking Tom Brady’s seventh Super Bowl championship and giving him the most rings in NFL history.

'Demon Slayer: Kimetsu no Yaiba' Receives New Action-Packed Game for Major Consoles
Gaming

'Demon Slayer: Kimetsu no Yaiba' Receives New Action-Packed Game for Major Consoles

Releasing on Sony PlayStation 4, 5 and Microsoft Xbox One.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.