Ford Expects 40% of Global Vehicle Volume to Be Fully Electric By 2030
Source: The Wall Street Journal.
BUSINESS AUTOS & TRANSPORTATION AUTOS INDUSTRY
Ford Expects 40% of Global Vehicle Volume to Be Fully Electric By 2030
Chief Executive Jim Farley is scheduled to outline the plan and more to reverse years of declining profits
By Mike Colias
Updated May 26, 2021 9:42 am ET
Ford Motor Co. plans to boost spending on electric-vehicle development by billions of dollars beyond previous plans and expects 40% of its global sales to be fully electric by 2030, as Chief Executive Jim Farley bets bigger on plug-in cars.
Ford will spend $30 billion by 2025 to expand its electric lineup, up from the $22 billion it forecast earlier in the year, it said Wednesday. That figure is a cumulative total that includes spending over the past few years, and includes capital earmarked for two future U.S. battery-cell factories with Korea’s SK Innovation Co. The companies said last week they plan to form a joint venture.
Mr. Farley, who took over last fall, is scheduled to present more details during a virtual investor presentation later Wednesday to outline his plan to reverse years of declining profits.
The company also said it expects in 2023 to achieve an 8% operating margin, up from around 4% in recent years. It had previously pegged the 8% mark as a goal but hadn’t specified a timeline.
The nation’s No. 2 auto maker by sales said it has created an internal business called Ford Pro to serve commercial customers, such as the contractors, utility companies and government agencies that maintain fleets of vehicles.
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