3d illustration of electric car connected to big battery. Concept of charging electrical automobile.
Ford Motor CEO Jim Farley in Feb. touted the automaker’s electric-vehicle (EV) strategy, telling CNBC the company intends to strongly compete in the growing market segment. Ford said it is increasing its electric-vehicle investment to $22 billion through 2025, almost double what it had previously pledged to spend.
“We’re not going to cede the future to anyone,” Farley told CNBC. “Our electric strategy is very specific. We’re going to invest in segments where we’re the dominant player and we have scale, like the F-150, the Transit van, our Mustang.”
While Ford is committing new capital for the years ahead, Farley said the company’s EV transition is yielding results now and pointed to the fact its all-electric Mustang Mach-E crossover has hit showrooms. He said he considers the Mach-E a “credible competitor” to Tesla’s compact SUV known as the Model Y.
Ford’s all-electric Transit van is expected to arrive late this year, and the company’s work on a Michigan plant to build the electric version of its best-selling F-150 is ongoing.
Ford’s crosstown rival General Motors also has made aggressive investments in electric vehicles. GM said in Feb. it plans to end production of all diesel- and gasoline-powered cars, trucks and SUVs by 2035.