Ford announced on Wednesday that it will once again increase investment in zero-emission vehicles, and is expected to account for 40% of all-electric vehicles by 2030. The U.S. automaker said that by 2025, it will increase its investment in electric vehicles, parts and infrastructure to more than 30 billion U.S. dollars (approximately Rs 21,785 crore) and increase the target amount to 22 billion U.S. dollars (approximately INR 1,59,760 crore).
Established in February. The F-150 pickup is a green remodeling of the iconic American car brand, and said it received 70,000 customer orders in just one week. Ford CEO Jim Farley said in a statement: “This is our biggest opportunity for growth and value creation since Henry Ford began to expand Model T. We are holding hands. Live it.” Farley and other executives introduced the plan in a virtual meeting with financial analysts and other stakeholders. The d-F-150 is called “Lightning.”
Ford has started selling Mustang Mach-E electric off-road vehicles and will soon bring E-Transit freight trucks to the exhibition hall. The company has also invested in the production of its own batteries and recently announced a joint operation. Farley said that the goal is to reduce battery costs by 40% by 2025, and manufacturers have joined the trend toward zero-emission vehicles to help combat global warming.
It promised in January to stop producing diesel or gasoline cars by 2035. German car manufacturer Volkswagen also plans to provide 70 electric vehicles by 2030 and sell 26 million vehicles within 10 years. The goal “represents a safe balance between ideal and reality, especially for a company that relies heavily on trucks and SUVs.” Although other automakers have promised to increase their numbers, no car is as dependent on the sales of trucks and SUVs as Ford.”
Tesla tops the list in EV segment:
Elon Musk’s Tesla is still the dominant force in the electric car market, with a valuation of US$580 billion (approximately Rs. 42110.90 billion), while Ford’s US$51 billion ( Approximately 370.330 billion rupees). However, as the public’s interest in emission-free vehicles has grown, new entrants (including startups Rivian and Lucid) have also joined the market.
However, according to the president of specialty company Cox, electric vehicles accounted for only 2.5% of total US sales in the first quarter. Joe Biden of the United States prioritizes the development of electric vehicles and is currently discussing its huge infrastructure investment plan to provide various incentives, including establishing a network of 500,000 charging stations nationwide by 2030, and Convert 20% of non-electric school buses.
Ford also adopted Tesla’s goal, setting “By the end of this year, it will have about 1 million vehicles capable of receiving on-road aerial system updates, exceeding Tesla’s output in July 2022.”
In the initiative announced on Wednesday for the “Ford+” program aimed at driving growth, the company also announced the creation of Ford Pro, a global car distribution and service business dedicated to car sales and government customers.
The company is also cooperating with Google to use its cloud computing platform. It will also use Amazon’s voice program and other services provided by Apple and Microsoft. Ford Motor’s stock price rose 8.5%.