EV Arms Race Continues as Ford Plans $20B Investment

Feb. 3, 2022

The potential investment would come on top of the $30 billion Ford already plans to invest in electric vehicles through 2025. 

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. 

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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