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Ford Motor plans to increase electrification costs by more than a third

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Ford Motor Company today outlined plans to increase the cost of moving to electric vehicles by more than a third from the previously indicated amount. The American auto giant said it aims to increase its supply of full electric vehicles by up to 40% by 2030.

Under the plan, dubbed “Ford +,” the automaker is set to spend more than $ 30 billion on electrification, including battery development, up from $ 22 billion.

Ford and other global automakers are pushing to switch from fossil fuel to electric engines under pressure from Europe and China, which have begun to severely limit vehicle emissions.

Ford’s target of electric vehicle sales in 2030 is more than 1.5 million. By comparison, rival General Motors aims to sell more than 1 million electric vehicles annually in the US and China by 2025. She said she intends to end sales of gasoline-powered passenger cars in the United States by 2035, and last year announced that it would invest $ 27 billion in electric and self-driving vehicles over the next five years.

After the presentation, Ford shares rose 6.5% to their highest level in nearly five years.

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