Ford Motor Company says it will start spending more on electric vehicles than internal combustion engines in 2023. The news comes off the heels of the company’s success with its first EV and a healthy amount of reservations for the F-150 Lightning.
According to The Detroit News Ford COO Lisa Drake recently discussed the automaker’s EV investments. During an event hosted by Barclay’s, Drake disclosed Ford’s plan to spend more on EV’s than traditional gas-powered models. However, it is worth noting Drake did not specify if it is investment into electric vehicles or electrification.
“In 2023 … we’ll spend more on EVs than we will on ICE. We’ve been over the moon about the success of Mach-E, and the F-150 Lightning, by bringing in over 70% new customers to the Ford brand. What that allows us to do is, now we have an opportunity not only to lead on our ICE business, but also in the EV space with F-150. So our aspirations are high,” Drake stated.
Earlier this year Ford announced it is increasing its investment into electrification to $30 billion through 2025. The added investment will fuel the company’s goal of electrifying 40 percent of its global portfolio by 2030. The company’s quest for electrification grabbed momentum last year with the launch of the Mustang Mach E.
Ford’s EV plans are ramping up further this year with the launch of the E-Transit van, while the F-150 Lightning will launch in early 2022. Ford’s Lincoln brand is also launching its first EV model sometime in 2022.
Ford executives note that Mustang Mach E sales and F-150 Lightning reservations have overwhelmingly come from non-Ford owners, something that could indicate the company is setting itself up to lead when it comes to EV’s.