Ford to invest $ 29 billion in autonomous electric vehiclesFebruary 5, 2021
The American automaker Ford plans to double its investments in electric vehicles and increase investments in autonomous vehicles by 2025.
In early 2018, Ford pledged to spend $ 11.5 billion to electrify its lineup by 2022, but the manufacturer has now confirmed that it will increase that investment to $ 22 billion by 2025, and that’s not including the $ 7 billion it has already spent on development of electric cars since 2016. In addition, he will spend $ 7 million on the development of autonomous vehicles.
During its Q4 P&L report, Ford confirmed that most of the models it will produce will be electric vehicles, but the company also has hybrids and plug-in hybrids. The additional electrification investment does not include the potential for integrating battery production, an area Ford is exploring, according to CEO Jim Farley. With regard to the $ 7 billion in autonomous technology investment, Ford said it includes spending on Argo AI and the launch of autonomous commercial services in 2022.
Ford reported a net loss of $ 1.3 billion in 2020, but noted that its fourth-quarter earnings before interest and taxes more than tripled to $ 1.9 billion from the fourth quarter of 2019. Of that amount, $ 1.1 billion was generated in North America, an increase of 53% over the same quarter in 2019. However, Ford lost money in all other overseas business units in the fourth quarter, except in Europe, where it raised $ 414 million.
Ford’s fourth-quarter net loss includes $ 610 million in vehicle recalls due to Takata airbags, $ 1.5 billion in retirement plan revaluations, and $ 2.5 billion in Brazil production shutdowns.
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