Ford will spend more money on electrified vehicles than ICE-powered ones starting in 2023.
The automaker announced plans to invest $30 billion into electrification through 2025 earlier this year and while speaking at a recent event hosted by Barclays, Ford chief operating officer for North America, Lisa Drake, revealed the scope of the company’s investments.
“In 2023… we’ll spend more on EVs than we will on ICE. We’ve been over the moon about the success of Mach-E, and the F-150 Lightning, by bringing in over 70% new customers to the Ford brand. What that allows us to do is, now we have an opportunity not only to lead on our ICE business, but also in the EV space with F-150. So our aspirations are high.”
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Last week, Ford chief executive Jim Farley said that the brand had secured more than 120,000 non-binding reservations for the all-electric F-150 Lightning and revealed that 75 per cent of these came from customers from other carmakers, The Detroit News reports.
Drake added during the event that Ford will need the support of the Biden administration to achieve its EV goals. The administration wants to push for 40 per cent to 50 per cent of new car sales to be for electrified vehicles by 2030.
“We’re going to rely a lot on some of the infrastructure policies and the administration’s aspiration to make this a bit more ubiquitous,” Drake said. “We can’t do it alone. We’re very excited to see some of the bipartisan work that’s happening in Washington right now, because it’s going to be necessary to help us.”
