Ford plans to nearly double production capacity of the all-electric F-150 Lightning pickup. The company has a massive investment target supporting electric vehicles.
File Photo courtesy of Ford
April 3 (UPI) -- U.S. carmaker Ford said Monday it set aside more than $50 billion for electric vehicles and battery components, with a goal of 2 million in production runs for EVs by 2026.
"We are undertaking a massive transformation to lead the electric and connected era of transportation and are committed to being transparent about our progress and opportunities for improvement," Executive Chairman Bill Ford said.
Data show Ford could be carbon-neutral across its vehicles, operations and supply chain by 2050. Over the five years ending in 2022, the company cut its manufacturing emissions by 40% and 60% of the electricity it used last year was carbon-free.
Through 2026, the company is investing $50 billion in EVs.
April 3 (UPI) -- U.S. carmaker Ford said Monday it set aside more than $50 billion for electric vehicles and battery components, with a goal of 2 million in production runs for EVs by 2026.
"We are undertaking a massive transformation to lead the electric and connected era of transportation and are committed to being transparent about our progress and opportunities for improvement," Executive Chairman Bill Ford said.
Data show Ford could be carbon-neutral across its vehicles, operations and supply chain by 2050. Over the five years ending in 2022, the company cut its manufacturing emissions by 40% and 60% of the electricity it used last year was carbon-free.
Through 2026, the company is investing $50 billion in EVs.
"The company is on the path to reach its targeted annual production run rate of 600,000 EVs by the end of 2023 and more than 2 million by the end of 2026," it said. "By 2030, half of Ford's global vehicle sales volume is expected to be electric."
Ford faced a setback on its EV line in February when it forced to halt production of its F-150 Lighting electric pickup after a fire started from its battery. A truck caught on fire near its Dearborn, Mich., plant during a pre-delivery quality inspection earlier this month, also damaging two nearby vehicles.
Meanwhile, CNN reported Ford estimates it will lose $3 billion in EV sales this year, but it will nevertheless reach its profit goal for the year of around $10 million.
For the fourth quarter, the company reported net income of $1.3 billion, $11 billion lower year-on-year. For the full year, Ford lost $2 billion."We should have done much better last year," CEO Jim Farley said in an earnings release.
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