EV Arms Race Continues as Ford Plans $20B Investment
Feb. 3, 2022—The EV arms race continues.
Ford is reportedly planning to accelerate its deployment of EVs and could increase EV investments by up to $20 billion, Bloomberg News reported.
The plan calls for Ford to spend an additional $10 billion to $20 billion over the next five to 10 years converting factories worldwide to electric-vehicle production from making gasoline-powered cars.
The potential investment would come on top of the $30 billion Ford already plans to invest in electric vehicles through 2025.
Manufacturers are increasingly and quickly bulking up their efforts to establish a foothold in the EV market. Last week, GM announced a new $7 billion investment as it hopes to catch Tesla, which still maintains a stranglehold on the EV market.