Ford will invest US$22 billion (AU$28 billion) in electric vehicle development by 2025, the US manufacturer has announced.
In a statement following the release of the brand's fourth-quarter 2020 earnings report, it was also confirmed that a further US$7 billion (AU$9.2 billion) would be spent on expanding autonomous vehicle technologies.
It is unclear if these figures take into account money that will go towards Ford’s joint EV ventures such as Rivian, or instead if refers solely to spending earmarked for in-house development.
The announcement follows General Motors’s recent commitment to electrify its entire range (barring larger trucks and pick-ups) by 2035, and target carbon neutrality by 2040.
Ford does not currently offer a fully-electric vehicle in its consumer range, however the Mustang Mach-E performance SUV (shown below) is slated for launch later this year, and will likely be followed by an electrified variant of the F-150 pick-up in 2022.