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Sunday, February 7th, 2021

Electric vehicles “arms race” gets big shot in the arm

Author:     Ben Geman
Source:     Axios
Publication Date:     Feb 5, 2021
 Link: Electric vehicles “arms race” gets big shot in the arm
Stephan:   A few days ago I published a piece about General Motors committing to converting all their vehicles from petroleum power to electricity. Now here is more good news, this time from Ford. The transition out of the carbon power era is well underway.
All-electric Ford F-150 Credit: Car and Driver

Ford plans to invest $22 billion in vehicle electrification through 2025, an amount that’s nearly double its prior plans, the company said.

Why it matters: The announcement is the latest sign of how the world’s biggest carmakers are pouring more resources into tech that’s still a tiny slice of the auto market.

  • “We are accelerating all our plans — breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” CEO Jim Farley said in a statement Thursday evening.

The intrigue: Ford’s move comes as domestic rival GM is getting more aggressive with its EV plans and now aspires to stop selling internal combustion cars, SUVs and pickups by 2035.

What they’re saying: Wedbush Securities analysts, in a note about the Ford effort, said there’s an “EV arms race” underway.

  • The note cites GM’s plans, reports that Apple will work with Hyundai on an electric car, new Ford investment targets, Tesla’s expansion and more.
  • “We believe this speaks to…a golden age of EVs on the horizon with a green tidal wave expected in the U.S. under […]
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