Ford to spend $30 billion on electric vehicles
Ford is the newest automobile company that is fueling the rave for electric vehicles.
The management of Ford Motors in anticipation of the company’s investors' event announced that the automobile company is going to be allocating $30 billion to producing electric vehicles by 2025.
The announcement shot Ford’s shares up by 8.5% on the New York Stock Exchange where it is listed.
Prior to the announcement, it was said that Ford had dedicated $22 billion to produce electric vehicles but had chosen to push up the budget by $8 billion.
In addition to this, the management of Ford has said that the goal is for 40% of its sales to come from its electric vehicle category by 2030.
It was also revealed that the automobile company is building a commercial vehicle service and distribution business which is called Ford Pro while its core strategy is called Ford+.
It is safe to say that Ford’s news about its plans for electric vehicle production is interesting for existing investors and will pull in fresh investors.