On Sunday, Ford said they plan to jump-start their electric vehicle spending, promising to shell out $11B, and have 40 electric vehicles in their lineup by 2022.
It’s a massive increase from the $4.5B investment the company announced back in 2015, but with crosstown rival GM shooting to have 20 new electric vehicles by 2023, Ford wasn’t about to be upstaged.
Ford had a tough 2017
Though the company managed to stay profitable, their sales plateaued, their margins failed expectations, and doggonit, production got expensive.
Meanwhile, companies like Volkswagen, GM, and Toyota all launched major plans to go electric, pushing many to fear that Ford has fallen behind.
But, CEO Jim Hackett (who replaced Mark Fields as chief exec back in May) maintains his confidence in the blue oval.
Hence the shiny new $11B investment
According to Hackett, Ford has “nothing to worry about” in the race to dominate the future of auto.
Aside from their recent announcement, the company also partnered with Domino’s and Postmates based on Hackett’s belief that “markets for autonomous [cars] in the future is for both moving people and moving goods.”
So relax, Ford-heads, if Hackett has his way, your Mustangs and your Rangers are gonna be around for years to come — they just won’t take gas, and you won’t be driving them.
