Ford Motor Co. is planning a major reorganization to prepare for the electric future, using Tesla’s success as a road map and accelerating EV spending as much as $20 billion
Unlike Tesla, Ford also must manage the slow decline of vehicles powered by internal combustion engines, which now generate all of the profit necessary to fund the company’s EV aspirations.
- Former Apple, Tesla executive leads effort to revamp automaker
The effort, led by a former Apple and Tesla executive, calls for Ford to spend an additional $10 to $20 billion over the next five to 10 years converting factories worldwide to electric-vehicle production from making gasoline-powered cars, finds Bloomberg, ( on top of the $30 billion Ford already has committed to EVs through 2025!)
info template Ford inc.
The move is part of Chief Executive Officer Jim Farley’s initiative to challenge Tesla’s dominance in EVs.
Investors have bought into Farley’s vision for Ford, lifting the company’s market value above $100 billion in January.
Ford’s EV plans have accelerated since Farley, became CEO (16 months ago)
It has tripled output of the electric Mustang Mach-E model and doubled production of the F-150 Lightning plug-in pickup coming this spring.
Ford’s EV plans have accelerated since Farley, became CEO. It has tripled output of the electric Mustang Mach-E model and doubled production of the F-150 Lightning plug-in pickup coming this spring.
Farley has expressed admiration for Elon Musk, and acknowledged Ford is rethinking its mission as the company prepares to manufacture 600,000 EVs a year by 2024.