Ford Motor Co. committed to increase its investments in electrification efforts to more than $30 billion by 2025, which will include its battery development program. The automaker also revealed a target to have electric vehicles comprise 40% of its global output by 2030.
Both announcements are part of a program labeled “Ford+” presented at the company’s 2021 Capital Markets Day event. “I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time,” stated CEO Jim Farley. “This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands.”
The electrification goals Ford has set are comparable to targets set by General Motors, which has committed $27 billion in capital investments in preparation for its forthcoming series of electric and autonomous vehicles.
Ford also committed to design, engineer, and manufacture its own batteries for its battery-electric vehicles, including establishing a “global center of battery excellence” called Ford Ion Park, where over 150 battery chemistry experts will work to increase battery range and reduce costs, for Ford and its customers.
The automaker promised a series of EV batteries to be vertically integrated with its vehicles, including the IonBoost lithium-ion battery; IonBoost Pro lithium-iron phosphate for commercial vehicles; and long-range, solid-state batteries gained from its own development and partnership with its Solid Power joint venture.
Ford then reconfirmed a recent memo of understanding regarding a joint venture with SK Innovation, known as BlueOvalSK, to manufacture battery cells and arrays at two plants in the U.S., for Ford and Lincoln vehicles.
Finally, Ford announced a new, global vehicle services and distribution business called Ford Pro, devoted to electric vehicles for commercial and government customers.