Ford Doubles Down on EV Investments, Accelerates Plans

During a conference call with the media to detail its financial results for 2020, Ford said it lost $1.3 billion USD ($1.6 billion CAD) last year, marking its first full-year loss since 2008.

However, what we’re particularly interested in are the investments planned for the next few years.

New Ford CEO Jim Farley announced that the automaker will increase spending on electric vehicles to $22 billion USD ($28 billion CAD) by 2025, roughly double what was originally planned. This includes investments already made in EVs since 2016.

“We are accelerating all our plans, breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” Farley told journalists.

Deliveries of the Mustang Mach-E have only just begun. The E-Transit electric commercial van will follow in late 2021, while the highly anticipated F-150 EV is due by mid-2022.

Photo: Ford

Ford is also developing an electric model using Volkswagen’s MEB platform, although that one will be sold in Europe only starting in 2023. Another MEB-based vehicle is under consideration.

What’s more, Farley said EVs would be “fundamental” to Lincoln in the coming years. According to several sources, a fully electric Corsair will be built in Oakville, Ontario starting in 2025.

The conference call included details about autonomous vehicles, as well. Ford will increase its investments to $7 billion USD ($9 billion CAD) by 2025. Close to a third of that has already been spent, mostly in self-driving technology startup Argo AI which Ford is a key investor in together with Volkswagen.

Argo AI recently began testing a fourth-generation prototype capable of Level 4 autonomy, meaning without the need for a human driver behind the wheel, though only in set conditions.

The first Ford commercial vehicles using Argo AI's self-driving system are expected to roll out sometime in 2022. 

Photo: Ford
Share on Facebook

More on the subject

NewsFuture Ford Models Could Have Euro Flavour; Here’s Why
Moray Callum, one of the most influential design leaders in the auto industry, is about to retire following a 38-year career, more than half of which was with Ford as the company’s vice president of design for Ford and Lincoln brand vehicles worldwide. He will officially depart on May 1st.
NewsSome Ford Mustang Mach-E Deliveries Delayed up to 8 Weeks
While we can’t exactly call it a false start, the launch of the anticipated Ford Mustang Mach-E is not quite going according to plan. But don’t blame COVID-19 this time. Due to undisclosed quality issues, Ford has decided not to ship “several hundred” units of its new electric crossover, which …
First Drives2021 Ford Mustang Mach-E: Good Pony, Bad Name
Have you ever met someone whose name didn’t really fit with what their image or profession? Like a literature professor named Coco or a little baby boy named Elvis? The same thing happened with the all-new Ford Mustang Mach-E . The people at the Blue Oval love their pony car …
ElectricFord Mustang Mach-E’s Official Range is Better Than Expected
As it turns out, the new 2021 Ford Mustang Mach-E isn’t just more powerful than initially advertised . The U.S. Environmental Protection Agency (EPA) has just completed its own series of tests, and we can now tell you the electric crossover offers more range than everyone thought, as well. In …
NewsFord Avoids Strike, Promises 5 EV Models to be Built in Oakville
Ford and Unifor, which represents thousands of auto workers in Canada, have just reached a tentative deal on a new three-year collective bargaining agreement that affects more than 5,400 unionized workers in the country. As a result, the automaker avoided a strike that could have been launched as early as …
ElectricFord Mustang Mach-E Experiencing 12V Battery Problems
How is the honeymoon going between the all-new Ford Mustang Mach-E electric crossover and early adopters? After waiting for a very long time to receive their vehicle, most customers are likely super-excited to take advantage of its performance and numerous cutting-edge technologies. Some, however, are experiencing a lot of frustration …
NewsFord’s Blue Cruise Unveiled as Hands-Free Driving Assist
Automakers are developing driver-assist technologies that are so advanced you can basically let go of the steering wheel and relax while the car drives all by itself. Of course, some of these systems are more sophisticated and capable than others, enabling varying degrees of hands-free driving on the highway. Ford …
ElectricFord F-150 EV Could Bring Back Lightning Moniker
After resurrecting the Mach 1 name for the latest and most potent iteration of the 5.0-litre V8-powered Mustang, Ford is reportedly set to bring the famous F-150 Lightning back from the past. Make no mistake: there are no plans to build another sport/street truck with large wheels and a low …
NewsFord F-150 Lightning Confirmed, to Debut May 19
It turns out the rumours were true: the fully electric variant of the Ford F-150 will be called “Lightning.” As many enthusiasts remember, the name was previously used for a street performance pickup created by Ford’s Special Vehicle Team (SVT). It’s only fitting to revive it for an electric F-150, …
ElectricFord to Build its Own EV Batteries with SK Innovation
Following the official debut of the all-new 2022 F-150 Lightning last night, Ford announced the creation of a joint venture with South Korea’s SK Innovation—to be called BlueOvalSK—to manufacture traction battery cells and array modules for future electric vehicles. The goal is to produce approximately 60 GWh annually starting mid-decade, …
ElectricLincoln’s First EV to Debut in 2022, Three More to Come After
Lincoln is lagging behind many other luxury car companies when it comes to electrification, but the tide is about to turn. Ford’s premium brand will debut its first global fully electric vehicle next year as it celebrates its 100th anniversary. “As we accelerate Lincoln’s transformation in North America and China, …