Ford electrification strategy
Automotive giant Ford has unveiled plans of shelling out a huge investment of $20 billion to develop its EV infrastructure. The major reorganization is an effort to prepare for an EV future. The company takes inspiration from Tesla to accelerate its EV spending to $20 billion.
These efforts are spearheaded by former Apple Inc. and Tesla executives in an effort to develop a sustainable EV infrastructure. The plan is a 5-10 year agenda to convert all its current facilities to develop EV models. Jim Farley, CEO of Ford is a crucial figure to go ahead with this move. It will inevitably challenge Tesla’s dominance in the electromobility sector. Investors are in favor of Farley’s ambitious visions for Ford. The company’s market value has risen above $100 billion in January.
Ford market value
This has led to an increase in Ford’s share value by almost 2.7%. Ford is most likely also going to feature an all-new organizational chart. The company plans to increase the workforce of its engineers who specialize in newer fields. The investment will majorly happen in fields such as – battery chemistry, artificial intelligence, and EV software.
The company wishes to invest to develop mass-market models for its EV lineup. Officials cemented on executing their Ford Plus Plan so as to thrive in the era of electromobility. Former Apple and Tesla head Doug Field is another key figure to lead Ford’s new plans. Ford’s electrification strategy has taken shape under the leadership of new CEO Farley who took charge 16 months ago.
The company has increased the output of the Mustang Mach-E and doubled the production of the F-150 Lightning plug-in pickup. The company is also collaborating with South Korean SK Innovation to build three new battery factories. They will also build an EV truck plant for which they have spent $11.4 billion.
