Ford Motor is investing billions into electric vehicles:
Ford Motor Company laid out aggressive investment plans as it looks to battle Tesla in the electric and autonomous vehicles sector. Ford Cars are investing $29 billion into the electric and autonomous vehicles sector. The autos company (Ford Motor) is to invest billions, which, for context, compares to a US$2.8bn net loss for the fourth quarter.
The automaker had previously committed to spending a total of $11.5 billion on its electric vehicle ambitions. However, it has now decided to double that amount and extend its timeline of electrifying its vehicles till 2025.
That Tesla has so dramatically surpassed Ford to become the world’s ‘biggest’ motor company (only when measured in market capitalization) – with US$44bn Ford dwarfed by Elon’s US$805bn behemoth – reflects that this is shaping up to be a battle for the future of the vehicle industry.
Also, Read: Tesla Robo Taxis.
The company (Ford) said that it has decided not to pursue plans to launch an EV joint venture with China’s Zotye Automobile, although last week said it has agreed on a joint venture with Chongqing Changan Automobile to start making its all-electric Mustang Mach-E model.