Ford Motor Company predicts electric vehicles will account for 40 percent of its global vehicle sales volume before the end of the decade.
During its Capital Markets Day presentation this week, Ford laid out its new accelerated EV growth strategy and committed $30 billion to the engineering, development and production of new battery-electric cars, trucks, crossovers and SUVs. Thanks to this new strategy, Ford expects that 40 percent of its global sales volume will be all-electric by 2030. The automaker expects the majority of this EV sales growth will be driven by the Mustang Mach E, Ford F-150 Lightning and E-Transit electric commercial vans.
“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,” Ford CEO Jim Farely said of the transition to battery-powered vehicles.
Ford announced the new Ford Ion Park battery development center this week as well, which will help facilitate the ambitious EV growth strategy. The Ford Ion Park is described as ” a global center of battery excellence comprising more than 150 experts in battery chemistries, testing, manufacturing and value-chain management who will boost battery range and lower costs to customers and Ford.” The Ion Park will be tasked with developing a range of different EV batteries, including a new IonBoost Pro lithium iron phosphate pack for use in commercial vehicles.
GM said previously that it would bring 30 new electric vehicles to market worldwide before the end of 2025, two-thirds of which will be available in North America. That means that by mid-decade, roughly 40 percent of GM’s U.S. product portfolio will consist of EVs. This EV product portfolio will include the Chevy Bolt EV and Bolt EUV, future battery-electric Chevy Silverado, the GMC Hummer EV pickup and SUV and the Cadillac Lyriq crossover, among more.
“We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth,” GM CEO Mary Barra said earlier this year. “We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”