Ford plans to invest $ 29 billion by 2025 for electric and autonomous cars. A year ago, the company made an investment commitment of $ 11.5 billion by 2022. Of the 29 billion dollars, 7 billion dollars are planned to be spent on self-driving cars and 22 billion dollars on electric cars. The company has spent $ 7 billion on electric cars in the past five years.
Some of these new cars will be hybrid electric vehicles and some will be fully electric models. Mustang Mach-E, electric F-150 and E-Transit van are among these cars. In the statement made by Ford, it was stated that electric cars will be placed at the foundation of the luxury vehicle brand Lincoln.
Ford CEO Jim Farley stated that the company is speeding up all its plans. Increasing battery capacity, improving costs and integrating more electric vehicles into the production chain are among the company’s goals.
Farley took over the post of Ford CEO from Jim Hackett last year. With Farley taking the helm, the company has taken a more aggressive attitude to become a leader in the electric and autonomous vehicle market. Following its rivals such as Tesla and General Motors, Ford is trying to close the gap of its late entry into the market.
Ford is not the only manufacturer that puts electric cars at the center of its future. Mercedes and Volkswagen have also put electric cars in the foreground in parallel with climate change. General Motors, which has been working on electric vehicles for a long time, is also planning an investment of $ 27 billion for electric and driverless cars.