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.