<p>In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company has announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025.</p>.<p>The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030.</p>.<p>Ford said it will create distinct electric vehicle and internal combustion businesses to compete and win against both new EV competitors and established automakers.</p>.<p>The company expects to spend $5 billion on EVs in 2022, including capital expenditures, expense and direct investments, a two-fold increase over 2021, the automaker said in a statement late on Wednesday.</p>.<p>"This isn't the first time Ford has reimagined the future and taken our own path," said Ford Executive Chair Bill Ford.</p>.<p>"We have an extraordinary opportunity to lead this thrilling new era of connected and electric vehicles, give our customers the very best of Ford, and help make a real difference for the health of the planet," he added.</p>.<p>Ford reiterated its commitment to achieve carbon neutrality by 2050, and to use 100 per cent local, renewable electricity in all of its manufacturing operations by 2035.</p>.<p>Last May, Ford President and CEO Jim Farley introduced the Ford+ plan, calling it the company's biggest opportunity for growth and value creation since Henry Ford scaled production of the Model T.</p>.<p>The formation of two distinct, but strategically interdependent, auto businesses -- Ford Blue and Ford Model e -- together with the new Ford Pro business, will help unleash the full potential of the Ford+ plan.</p>.<p>"We are going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue's industrial know-how, volume and iconic brands like Bronco, that startups can only dream about," said CEO Jim Farley.</p>.<p><strong>Check out DH's latest videos</strong></p>
<p>In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company has announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025.</p>.<p>The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030.</p>.<p>Ford said it will create distinct electric vehicle and internal combustion businesses to compete and win against both new EV competitors and established automakers.</p>.<p>The company expects to spend $5 billion on EVs in 2022, including capital expenditures, expense and direct investments, a two-fold increase over 2021, the automaker said in a statement late on Wednesday.</p>.<p>"This isn't the first time Ford has reimagined the future and taken our own path," said Ford Executive Chair Bill Ford.</p>.<p>"We have an extraordinary opportunity to lead this thrilling new era of connected and electric vehicles, give our customers the very best of Ford, and help make a real difference for the health of the planet," he added.</p>.<p>Ford reiterated its commitment to achieve carbon neutrality by 2050, and to use 100 per cent local, renewable electricity in all of its manufacturing operations by 2035.</p>.<p>Last May, Ford President and CEO Jim Farley introduced the Ford+ plan, calling it the company's biggest opportunity for growth and value creation since Henry Ford scaled production of the Model T.</p>.<p>The formation of two distinct, but strategically interdependent, auto businesses -- Ford Blue and Ford Model e -- together with the new Ford Pro business, will help unleash the full potential of the Ford+ plan.</p>.<p>"We are going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue's industrial know-how, volume and iconic brands like Bronco, that startups can only dream about," said CEO Jim Farley.</p>.<p><strong>Check out DH's latest videos</strong></p>