Ford will catch up – the company increases its investments in EV and robocars by 2.5 times

Ford will catch up – the company increases its investments in EV and robocars by 2.5 times

February 9, 2021 0 By autotimesnews

Ford executives said at a meeting with shareholders that the company has revised its investment plan and increased investments in electric and autonomous vehicles from $ 11.5 billion to $ 29 billion. These funds will be used to develop new vehicles over the next five years.

The automaker will spend $ 7 billion on robotic vehicles and $ 22 billion on electric cars. This amount includes the $ 7 billion that has already been allocated for these purposes since 2016, writes Verge.

Most of the cars the company intends to produce will be electric, Ford said. However, there are plans for hybrids with traditional internal combustion engines. Last year, a racing version of the upcoming 1400-hp Mustang Mach-E electric crossover was unveiled. with. and with a top speed too high for traffic, as well as an electric Ford Transit. The hit of this year should be the electrified iconic F-150 pickup.

New CEO Jim Farley called the increased investment a “more aggressive” plan to strengthen the country’s oldest automaker in a changing industry. He also confirmed the recent news that Ford will partner with Google to integrate Android into “millions” of vehicles starting in 2023.

The increased investment should also convince Wall Street of the company’s ability to catch up with Tesla, the only auto company that has built a successful EV business. Ford, General Motors and Volkswagen are now making significant efforts to keep up.

Late last year, Darren Palmer, head of electric vehicles at Ford, voiced thinly veiled criticism of a key competitor, citing a large number of design and manufacturing flaws in Tesla’s electric vehicles. Because of these annoying little things, people do not want to buy electric vehicles yet, he complained. But the rapid growth in sales of electric cars speaks of exactly the opposite trend – manufacturers of electric cars do not yet have time to meet demand.