Ford Plans To Invest $20 Billion Dollars In The Production Of Electric Vehicles

Ford Plans To Invest $20 Billion Dollars In The Production Of Electric Vehicles

The reports of Bloomberg, the global media enterprise states that the Ford Motor Company, an American-based automobile manufacturer plans to invest around $20 billion US dollars to blast off their business in the EV space all over the world. Their plan is mainly based on two pertinent goals- to dethrone Tesla, the world’s largest Electric vehicle manufacturer from its powerful sway on Ev space and to have a serious admittance to electrification.

Thus, the company aims to produce 6 lakh electric vehicles every year by 2024 and to spend 10 to 20 billion US Dollars to swift the company factories across the world from the generation of gas-powered, Internal combustion engine vehicles to electric car production. This swift and management on this venture will be overseen by Doug Field who was recently hired as the Chief officer of advanced technology and embedded system. He was pulled out of the Tesla company where he backed the Tesla engineer in the designing of the Tesla Model 3, which was the second best-selling Electric vehicle of 2021 with the sale of over 12,8000 units. Doug was also designated as the head of Apple’s project on the production of its first electric car and also guided the Cupertino-based giant’s efforts for a self-driving electric car.

Ford Investment into Electric vehicles :

In addition to this investment, Ford has earlier announced the financing of $30 billion US Dollars on the development of electric vehicles by 2025. Ford Motor has already possessed two electric vehicles-Ford  F-150 and Mustang. F-150, an electric pickup truck was Ford’s first flagship electric wagon and it was appreciated as the best-selling pickup truck in the USA. Also, Mustang entered the market as an American car having high performance in driving and a powerful engine.

Ford $20 Billion Investment into Electric vehicles :

Ford is also focusing on boosting the production of these two models either. Jim Farley, the CEO of Ford reports that there will be triple production of Mustang and the production of the electric pickup trucks will be doubled up.

The Electric industry in India is going through a phase of rapid growth and empowerment, whereas the US has already reached the zenith position. Also, almost every car manufacturer has plunged themselves from ICE vehicles and has launched some Battery Electric Vehicles, whereas some of them have even disclosed their proposals. Hence, it is very much inevitable for Ford to get through this EV business. As a part of it, Ford is even devoting $11 billion US Dollars to set up three facilities for electric vehicle battery manufacturing by joining together with South Korea’s leading battery tech company, SK Innovation, and also to redesign the existing factories and facilities of the company across the world to develop electric vehicles for future. Additionally, Ford is wishing to install EV truck accompaniments in Tennessee and Kentucky, also to appoint skilled engineers to work on advanced concepts like Battery chemistry, Artificial Intelligence (AI), and Ev software.

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