The focus of Ford Motor has shifted from passenger vehicles to electric vehicles and self-driving cars.
It is investing in manufacturing 40 new vehicles which comprise fully electric and hybrid models. Reportedly, the company plans to introduce the F-150 which is fully electric and another Mustang type crossover next year.
Ford has increased its spending from a target of $4.5 billion that it had initially planned to $11 billion this year.
Ford was among the few who began car electrification early on with a variety of vehicles like the battery version, plug-in, and conventional hybrid cars, etc. But the company could not sustain the manufacturing as there was not much demand for these cars during its inception and also the pricing was inhibitive for the customers and hence the concentration moved away from EV.
With the new CEO—Jim Hackett, Ford has renewed its electrification plans and also increased focus on providing mobility services and self-driving cars.
It is interesting to see how the new EV will look like as the new Ford EV being modeled around the iconic Mustang.
According to the CEO, many spy photographers have been trying to get a peek into how the product looks like.
The design is reconceptualized and will have more space for an EV and the vehicle will be unique with inspiration from Mustang.
Ford is will face some tough competition to contend with as other auto manufacturers like Daimler AG, and Volkswagen have already started sales of their EV. The VW expects to sell up to 22 million EV cars by 2029. Another company which is into the EV market is Toyota which aims to launch 10 new EV cars in the coming few years. It plans to sell up to 5.5 million of these cars by 2030.