Ford to Hike EV Spending 36% to $30 Billion by 2030

In a bid to boost the number of electric vehicles (EVs) it produces to 40% of its total by 2030, Ford (NYSE: F) announced today it would spend as much as $30 billion by 2025, some 36% above the $22 billion it previously committed to.

Calling the program Ford+, the automaker said the initiative will also include the development of its IonBoost batteries. Ford announced last month it was opening a new $185 million research and development battery lab, a signal it might eventually bring EV battery production in-house.

The Mustang Mach-E. Image source: Ford.

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Source Fool.com