Ford is known for making America’s best-selling pickup, with a reputation for toughness and reliability. Yet, Ford is also known for an ability to grow and evolve with the changing world, and electric vehicles are no exception.
According to CNBC, Ford CEO Jim Farley promises exciting things from the company in regard to the EV space, remarking that Ford “won’t cede the future to anyone.” That is a stern message, so what exactly is Ford doing to compete in this space?
Ford’s current success with electric vehicles
Farley understands that the automotive market is demanding electric vehicles, claiming Ford has a strategy to compete with other big players. In fact, perhaps partly due to better-than-expected fourth-quarter earnings, Ford is increasing its investments for electric vehicles to $22 billion through 2025, almost doubling the initial spending plan.
Currently, Ford’s new all-electric Mustang Mach-E crossover has hit showrooms, and is yielding results. It has proven to be a car with great performance, character, and personality.
Is Ford going all electric?
Looking ahead, Ford plans to invest its electric pursuits into vehicles such as the F-150, predicted to be an incredible work truck. The electric F-150 will be vital for the company, due to its history with pickup trucks as well as its promise of the vehicle being different from its rivals, delivering serious power.
There is a lot of riding on the F-150, even with other electric vehicle offerings. Ford’s Transit van is also expected to make a splash and is expected to arrive later this year.
According to Ford, the Transit van’s mission is to optimize fleet efficiency, lessen waste, and even improve driver behavior with enchanted technology. This will all be done without compromising cargo space, power, or durability. With all that being said, the company faces stiff competition in this particular market.
Ford’s competition with electric vehicles
Ford probably isn’t what you think of first when considering electric vehicles. Chances are, Tesla immediately comes to mind, yet traditional automakers are starting to follow suit.
According to Car and Driver, General Motors has made big promises on the electric front. The company has promised to have 30 electric cars on the market by 2025.
The company has also announced an increased investment in electric vehicles of $7 billion, bringing its total investment through 2025 to $27 billion.
According to the New York Times, Tesla still dominates the electric vehicle market, but this could change. Companies like Ford and GM have access to many more resources than smaller companies like Telsa.
What other automakers are joining the game?
Volkswagen has also entered the electric vehicle game with the ID.3. This is a fast and affordable car, designed to tempt a buyer who may have never conceited an electric vehicle before.
The ID.3 is only the tip of the iceberg for Volkswagen, as it plans to have 1.5 million vehicles in the ID family by 2025. Ford’s future goals involve all-electric cars entirely.
With all of this competition, the future of electric vehicles could really belong to anyone. As we inch closer and closer to 2025, the automotive world will be keeping a close eye on electric vehicles and the promises these companies have made.