Although Tesla Inc. (NASDAQ: TSLA) showed that it was possible to develop an electric vehicle (“EV”) that could function as well as a petrol and diesel-powered vehicle, the pioneering EV maker is no longer the only player in the EV sector. In a bid to cut their carbon emissions, several countries have set ambitious green energy targets that, among other things, involve placing limits on the sale of fossil fuel-powered vehicles within the next decade. Consequently, legacy automakers that have been around for decades, including Ford Motor Company (NYSE: F), have been forced to throw their hats into the electric vehicle game.
Ford, which recently unveiled an electrified version of its best-selling F-150 Lightning pickup, is looking to jump into the fledgling electric vehicle sector in a big way. The Dearborn, Michigan-based automaker recently announced that by 2030, it expects nearly half of its global sales to consist of zero-emission electric vehicles. Ford’s new CEO Jim Farley announced this plan during the company’s first Investor Day under his leadership. His Ford+ plan would see the automaker switch up its operations and venture into new, emerging markets such as connected vehicles as well as subscription services, he says, adding that these emerging markets represent Ford’s biggest growth and value creation opportunities in a long time.
His turnaround plan would also include a massive investment of more than $30 billion in electric vehicles through 2025. This comes after Ford Motor announced that it would spend a whopping $22 billion on electrification back in January, with around $7 billion already having been invested in EVs since 2016. Under Farley’s turnaround plan, this investment be instrumental in helping Ford achieve its goal of 40% EV sales globally by 2030.
By pairing its iconic vehicles with connected technology, Ford hopes to give its customers new, superior experiences at lower costs, Farley says. Ford will also increase focus on its commercial customers. The company expects to increase revenue from commercial clients from $27 billion to $45 billion. With the F-150 Lightning pickup and the Ford Mustang Mach-E crossover under its belt, Ford is taking the fight directly to industry leader Tesla, especially in terms of remote updates. The automaker is aiming for 33 million Ford and Lincoln vehicles with over-the-air update capabilities by 2028.
According to Farley, Ford is also planning on offering electric versions of its most iconic vehicles, including the Lincoln Aviator crossover and the Explorer SUV. Lisa Drake, the automaker’s chief operating officer in North America, says the company’s ultimate plan is to win the electric revolution.
Ford is joining a long list of electric vehicle startups, including ev Transportation Services Inc., in meeting the needs of different market segments. It may not be long before there is an electric vehicle that addresses the specific needs of each motorist.
NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services Inc. are available in the company’s newsroom at https://ibn.fm/EVTS
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