At a media conference to present its financial results for 2020, Ford said it lost US $ 1.3 billion (C $ 1.6 billion) – its first annual loss since 2008.
However, what holds our attention more are the announcements concerning the investments to come in the coming years.
Ford’s new CEO Jim Farley has confirmed that the automaker will ultimately spend US $ 22 billion (C $ 28 billion) on electric vehicles by 2025, roughly double what was originally planned. . This amount includes investments already made since 2016.
“We will speed up all of our projects, remove constraints, increase battery capacity, reduce costs and add more electric vehicles to our product cycle,” he said.
Remember that deliveries of the Mustang Mach-E have just started. The E-Transit commercial van will follow near the end of 2021, and the long-awaited F-150 electric, not until mid-2022.
Ford is also developing an electric vehicle on Volkswagen’s MEB platform, but for marketing in Europe from 2023. Another derivative is also under study.
In addition, Jim Farley reiterated that the electric would be “fundamental” to the strategy of Lincoln in the years to come. According to some sources, a fully electric Corsair will be produced at the Oakville, Ontario plant starting in 2025.
Ford’s conference also taught us that the blue oval company will increase its investment in autonomous vehicles to US $ 7 billion (C $ 9 billion) by the middle of the decade. A little less than a third has already been spent, notably in the young company Argo AI supported by both Ford and Volkswagen.
Argo AI recently started testing with a fourth-generation prototype that allows level 4 autonomous driving, that is, without a human sitting behind the wheel, but under controlled conditions.
The first Ford commercial vehicles using the Argo AI system are scheduled to enter service in 2022.
In the studio: Antoine Joubert gives his impressions of the Mustang Mach-E