EVs set to be 40% of Ford’s global sales
Print Edition
Ford expects 40 percent of its global sales to be battery-electric vehicles by 2030 as it adds billions to what it’s spending to develop them.
Ahead of a presentation to Wall Street yesterday, the automaker says it will add about US$8 billion to its EV development spending from this year to 2025. That would bring the total to nearly US$20 billion as Ford begins to develop and build batteries in a joint venture with South Korea’s SK Innovation.
The company also announced it would create a separate business called Ford Pro that will focus on commercial and government fleet buyers. It also expects to have about 1 million vehicles capable of getting over-the-Internet software updates by the end of this year. Ford says it will have more vehicles capable of this than Tesla by July of 2022.
In the United States, Ford’s largest market, EVs were only 1.2 percent of Ford’s sales through April. Ford currently offers only one all-electric vehicle, the Mustang Mach-E SUV, but by next spring it will have an all-electric F-150 pickup and a battery-powered Transit big commercial van on the roads. Ford’s F-Series pickup is the top-selling vehicle in the US.
The company was expected to discuss future EVs during its presentation yesterday.
Ford also predicted it would post an 8 percent pretax profit margin in 2023.
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