DEARBORN, Mich. – Ford Motor Co. is boosting its spending on electric vehicles to $30 billion as it aims to have 40% of its fleet all-electric by 2030.
The automaker announced Wednesday ahead of an investor event day in Detroit -- a first under CEO Jim Farley -- it will increase its investment in EVs to at least $30 billion by 2025. Ford also is creating a new division called “Ford Pro” that will focus on commercial vehicles and government customers. Ford also said it would deliver an 8% adjusted profit margin by 2023.
Moreover, Farley is expected to detail the “Ford+” plan during Wednesday’s meeting. Ford calls it a plan for “growth and value creation based on ‘always-on’ customer relationships and leadership in electric vehicles, connected services.”
“I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time,” said Farley. “We will deliver lower costs, stronger loyalty and greater returns across all our customers.
Ford shares (F) were up more than 2% Wednesday morning.
“This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands,” Farley said.
Ford unveiled its new all-electric F-150 Lightning pickup truck last week. Company executives, including Farley, touted the Lightning’s capabilities, from a starting price at less than $40,000, to being able to power your house during an outage for up to three days.
“Powering your house ... that’s exciting, but when you stomp on that accelerator, and when you drive with the independent rear extension, the standard four-wheel drive ... that’s going to put a smile on everyone’s face,” Farley said.