Ford Pledges New EV Goal

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May 29, 2021—Ford has pledged that 40 percent of its vehicles sold by 2030 will be electric, CNN Business reported. 

Ford CEO Jim Farley made the announcement speaking to investors and analysts. Ford is also doubling down on development, announcing it will invest $30 billion in electrification efforts by 2025. Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two new battery factories in a joint venture with Korean battery maker SK innovation.

"Our ambition is to lead the electric revolution. I really mean that," Farley said. 

Still up to this point, Ford is playing catch up with other traditional manufacturers like Volkswagen and domestic rival General Motors. Both have more extensive EV offerings and more aggressive electrification targets, the report detailed. GM says it is aiming to sell only emission-free vehicles by 2035.

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