Ford Motor Company announced its doubling its investment into electric and autonomous vehicles. The announcement came during the company’s earnings call, where executives confirmed a $29 billion investment plan.
Previously Ford planned to invest $11.5 billion in electrification by 2022. The new plan calls for a $22 billion investment into electrification by 2025. Subsequently, Ford will invest $7 billion in autonomous vehicles during the same period. Ford has already invested $7 billion into electrification, according to executives.
The vast majority of this investment will be toward producing battery-electric vehicles, but Ford said some hybrid models will be included as well. The company has already revealed a battery-electric version of the Transit van. Ford’s first mass-market EV, the Mustang Mach E, began arriving to market late last year as well. The automaker has also already confirmed plans to reveal a battery-electric variant of its F-150 pickup later this year.
A number of other battery-electric models are anticipated between now and 2025, but Ford isn’t confirming any specifics. There are rumors of additional battery-electric SUVs, including an electrified variant of the Lincoln Corsair.
Ford CEO Jim Farley is calling today’s announcement a “more aggressive” plan to position the automaker as a leader in electrification. Cross-town rival General Motors recently made some bold assertions around electrification, leading to record highs with its stock price. GM’s announcements have gone so far as to say the company “aspires” to offer a tailpipe-free product lineup by 2035. GM also increased their anticipated investment into electrification from $20 billion to $27 billion by 2025.
Like GM, Ford’s stock price has been fairly stagnant in recent years. Today’s announcement is likely a bellwether to Wall Street that the automaker is asserting itself into a leadership position when it comes to future technology.