Ford says 40pc of sales to be electric vehicles by 2030

28 May, 2021 12:00 AM printer

NEW YORK: Ford once again is ramping up investment in zero-emission cars and expects 40 percent of volume by 2030 to be comprised of fully electric vehicles, the company announced Wednesday.

The US automaker said it will increase investment in electric vehicles, components and infrastructure to more than $30 billion by 2025, boosting the amount from the $22 billion target set in February, reports AFP.

The company last week unveiled an all-electric version of its bestselling F-150 truck in an eco-friendly reinvention of a flagship American car brand, and said it has received 70,000 reservations from customers in just one week.

“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,” Ford CEO Jim Farley said in a statement.

Farley and other executives presented the plans in a virtual meeting with financial analysts and other stakeholders.

Besides the battery-powered F-150, called the Lightning, Ford has begun selling the electric Mustang Mach-E sport utility vehicle and will soon bring the E-Transit cargo van to showrooms.

The company also is investing in producing its own batteries, and recently announced a joint venture with South Korea’s SK Innovation.

Farley said the goal is to reduce the cost of batteries by 40 percent by 2025.

Manufacturers have joined the growing move towards zero-emission vehicles to help address global warming.