Ford Puts More Money Into EVsFord outlined plans to increase investments in electric vehicles at its annual investor day on May 26. The automaker also expects costs of EV batteries to drop sharply. Ford stock rose. Spending related to EV initiatives is expected to grow to more than $30 billion by 2025. The car company previously planned an investment of $22 billion on EV development. Ford expects nearly 40% of its global vehicle volume to be electric by 2030. "This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we're grabbing it with both hands," CEO Jim Farley told investors on May 26.
Acquires Battery Charging StartupFord on June 17 announced the acquisition of Electriphi. The California-based startup provides battery-management and charging solutions. The deal is expected to boost Ford's capabilities to develop battery charging and management services as it ramps up electrification efforts. Ford stock fell slightly. "With Electriphi's existing advanced technology IP in the Ford Pro electric vehicles and services portfolio, we will enhance the experience for commercial customers and be a single-source solution for fleet-depot charging," Ford Pro CEO Ted Cannis said in a June 17 statement. Ford Pro projects the charging depot segment could grow to 600,000 vehicles by 2030 and bring an additional $1 billion in revenue in that same time frame. Ford did not disclose how much it's paying for the San Francisco-based company. But executives say the acquisition is part of Ford's $30 billion investment in electrification efforts. The deal is expected to close by the end of June.
Ford Launches Lightning F-150 As Biden Pushes EVsFord on May 19 officially debuted its electric pickup truck, the F-150 Lightning. Just a day earlier, President Joe Biden visited a Ford plant in Michigan to tout his $174 billion electric-vehicle plan and take Ford's electric truck for a test drive. Shares surged 13% for the week, signaling investors are bullish about the sales potential for the newest version of the popular pickup model. "Every so often, a new vehicle comes along that disrupts the status quo and changes the game … Model T, Mustang, Prius, Model 3. Now comes the F-150 Lightning," CEO Farley said in a May 10 news release.
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