Ford boosts EV spending, aims to have 40% of volume all-electric by 2030

[May 26, 2021]  DETROIT (Reuters) - Ford Motor Co on Wednesday outlined plans to boost spending on its electrification efforts by more than a third and said it aims to have 40% of its global volume be all electric by 2030 in a move to step up its push on EVs.

The Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File Photo

Under a plan dubbed "Ford+," the No. 2 U.S. automaker said it now expects to spend more than $30 billion on electrification, including battery development, by 2030, up from its prior target of $22 billion. It has launched the all-electric Mustang Mach-E crossover, and plans to introduce electric versions of the Transit van and F-150 pickup.

"This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T," Ford Chief Executive Jim Farley said in a statement.

Ford and other global automakers are racing to shift their gasoline-powered lineups to all electric power under pressure from regions like Europe and China to cut vehicle emissions. Ford rival General Motors Co has said it aspires to halt U.S. sales of gasoline-powered passenger vehicles by 2035.

(Reporting by Ben Klayman; Editing by Steve Orlofsky)

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