Ford Shifts Product Lineup To Electric Vehicles With $29Bln Investment In Next 4 Years

WASHINGTON (Pakistan Point News / Sputnik - 05th February, 2021) Ford plans to invest $22 billion through 2025 to electrify the company's lineup of cars and trucks plus another $7 billion to develop autonomous vehicles, CEO Jim Farley said.

"The transformation of Ford is happening and so is our leadership of the EV (electric vehicle) revolution and development of autonomous driving," Farley said in a press release on Thursday. "We're now allocating a combined $29 billion in capital and tremendous talent to these two areas, and bringing customers high-volume, connected electric SUVs, commercial vans and pickup trucks."

As electric vehicles become Primary in Ford's lineup, the company plans to add manufacturing capacity to a network of plants that already make such cars and trucks in the United States, Canada, Mexico and China, Farley said.

The $22 billion is nearly double what the company had previously committed between now and 2025, Farley added.

In addition, Ford said it plans to introduce the first "E-Transit" commercial van late this year followed by an all-electric F-150 pickup truck in mid 2022.

Electric vehicles will also become fundamental to the Lincoln luxury brand and the Transit commercial lineup, the latter across a variety of body styles and customized interiors, the release said.