Ford is making some serious moves in the battery-electric vehicle segment. As Bloomberg reports, the Dearborn-based automaker is preparing to drop an extra $10 billion to $20 billion on electrification over the next five to ten years – in addition to the $30 billion Ford already plans to spend on EVs through 2025. The automaker even managed to poach a former Apple and Tesla executive, Doug Field, back in September to spearhead what’s being called the “Ford Plus” plan.
And according to some, a spinoff of a portion of Ford’s EV business could even be on the table – meaning the automaker could form a separate business entity, in this case to tackle some of the lower-volume EV models so that the Blue Oval can focus more fully on mass-market stuff like the F-150 Lightning and Mustang Mach E. Granted, the plans are a work in progress, and Ford itself has declined to comment on the rumors.
All of this is building toward Ford’s aspirations to sell 600,000 EVs annually by 2024, which isn’t too far away. The automaker is hoping that half of its global sales will come from battery-electric vehicles by the end of the decade, at least cementing its position as America’s second-biggest seller of EVs behind Tesla.
Internal Combustion Engines Aren’t Going Anywhere
All that said, CEO Jim Farley still sees internal combustion vehicles as being central to the company’s business for many more years. You can put away your pitchfork; your Mustang GT is safe. That’s pretty on-brand for a man who still, as CEO of one of Detroit’s Big Three automakers, owns and races a Ford GT40.
Not only that, but Ford will continue to invest enough in its ICE vehicles to keep them competitive in their respective segments. Farley has shown particular interest in ensuring that the next-generation S650 Mustang is a smash, and big things are happening in the truck and SUV segments, from the next-generation Ford Ranger to the new Bronco Raptor.