Ford Motor Company is increasing its electric vehicle investment to $50 billion through 2026, up from the previous $30 billion by 2025. CEO Jim Farley announced the news on Wednesday after the automaker confirmed that it would run its EV unit separately from its combustion engine business, something Ford touched on during its 2021 fourth quarter earnings call in early February.
This is the third time in less than a year that Ford has upped its electrification spend; Ford announced in May 2021 that it would be investing $22 billion in EVs, and the continued financial ramping signals the automaker hopes to catch up to industry leader Tesla.
Through its new EV business, named Ford Model e, Ford plans to build more than 2 million EVs in 2026, which is a third of its annual global production, with 50% of its total volume being electric by 2030, said Farley. However, the company doesn’t expect to make a profit until the next-gen models begin production i …
