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Ford to boost their investment in Electric Vehicles

Moving towards Sustainable energy –

For a long time, the world has been trying to switch to the sustainable development of products and goods. People everywhere are avoiding over-exploitation of resources because the concern is genuine. Contributing to this major switch to producing eco-friendly products, automobile companies worldwide have taken up the decision to invest more in EV.

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Many countries have issued a strict notice restricting the use of fossil fuel-burning vehicles. Even companies like Mercedes Benz have decided to invest more in electric vehicles and produce them by 2025. 

Ford making the Commitment –

However, one major company that is brimming the news headlines is Ford. The automobile company Ford has decided to increase the investment amount to $29 billion for producing electric and autonomous vehicles. The company earlier stated the amount to be invested in EV production would be $11.5 billion up to 2022. But the revised investment structure of $29 billion, which is double the amount, will be up till 2025. This decision of the company was followed by Tesla’s successful production of EVs in the market. Followed by this event, major companies, including Ford, have decided to invest in electric vehicles and put them to testing.

Ford investment Electric Vehicles

Ford’s statement on the investment division stated that they would spend around $7 billion on autonomous vehicles and $22 billion on electric vehicles. This $22 billion will include the $7 billion the company spent in 2016 previously. When asked about the models, the company said it is hell-bent upon producing more and more battery-electric vehicles. At the same time, they stated that they have hybrid and plug-in hybrid models that have internal combustion engines. The company plans to launch the electric version of one of its pickup truck models, F-150, after launching its first all-electric transit van last year. 

In an interview with the new CEO of Ford, Jim Farley, it was said that the new plan from the oldest automakers has a more aggressive approach to keep the legacy of the world’s topmost automaker at the top in the future. The company has come into a partnership with Google, which aims to turn its future produced vehicles go all digital and install the tech into millions of vehicles that the company would produce. 

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Jim Farley, CEO of Ford

Conclusion

The increased investment plan was mainly chalked out to lower the crowd’s concerns at wall street, who showed a jittery reaction saying it will be hard competing Tesla when it comes to producing EVs. 

Ford investment Electric Vehicles

Ford Vs. Tesla

Having said that, this is positive news for the environment and us! Leading brands like Ford and others are making the necessary shift towards EV, and it will be great to see the effect of this transition in our environment.

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