Ford to Increase Investment in Electric Vehicles
FoMoCo to Become More Electric
Jim Hackett recently addressed changes to Ford’s electric-vehicle program. The company’s CEO states that one-third of the budget that is currently put toward internal-combustion engines will be applied to electrification. The $1.7 billion budget for internal-combustion engines will be drastically cut to $1.2 billion by 2022. That money will go into electric-vehicle development instead. Ford says that it will expand its battery-electric-vehicle product lineup after 2020 after dedicating a team toward the effort.
The changes also will include $7 billion in car product development funds going toward more profitable light trucks instead. Internet connectivity will also be included in the entire U.S. product lineup within the next two years. Ford will also build vehicles faster, according to Hackett.
