Ford aims for 40 per cent electric car sales by 2030
Ford today said that it was aiming for 40 per cent of its sales to be of electric cars by 2030, sending shares up 7.0 per cent today.
The announcement came as the Michigan-headquartered firm unveiled a new strategy, call Ford+, that will see it put $30bn into electrification over the next decade.
That is a significant boost on previous spending plans, which had targeted $22bn in investment.
Ford boss Jim Farley could not have sold the plan any less, calling the move the “biggest opportunity for growth and value creation since Henry Ford started to scale the Model T”.
The Model T, first produced in 1908, is widely considered the car that brought the automobile to the majority of Americans.
Ford is the latest in a stream of automotive giants to announce plans to transition away from the internal combustion engine.
Firms are coming under pressure from governments around the world to commit to zero-emission vehicles as part of attempts to decarbonise.
Last week US President Joe Biden has called for $174bn to boost U.S. EV production, sales and infrastructure.
If Ford were to hit its 2030 target, it would translate into sales of roughly 1.5m vehicles a year.